GS25 Targets 20 Million Foreign Tourists ... "Expanding Financial Services"

GS25 announced on the 20th that it will actively expand financial convenience services for foreign tourists starting from the first half of next year. As a nearby distribution platform, the company aims to enhance the convenience of financial services frequently used by foreign tourists and contribute to attracting more foreign visitors.

Customers are using foreign exchange payment services at GS25.
[Photo by GS25]

The main features of the newly introduced financial convenience services include nationwide expansion of stores offering immediate VAT refund (Tax Refund) services, lowering the minimum amount eligible for immediate VAT refund services, expanding stores offering currency exchange services, expanding stores offering foreign currency payment services, and operating promotions for foreign payment methods.

The immediate VAT refund service has been improved to increase user convenience by changing its operation method. Through system improvements, when purchasing products, presenting a passport allows payment with the VAT amount immediately deducted using only the POS terminal installed at the current store, without the need for a separate device. The service can be used not only with a physical passport but also with a mobile passport.

The number of stores offering the immediate VAT refund service will be expanded from the existing approximately 440 stores to about 17,000 stores nationwide. Additionally, the minimum amount eligible for the immediate VAT refund service will be lowered to 15,000 KRW to increase usage rates.

The currency exchange and foreign currency payment services will be expanded to stores in regional areas such as Daegu and Busan. During the 2024 Gangwon Winter Youth Olympics, some stores in Gangwon Province will run Alipay discount promotions, and promotions for Alipay and WeChat Pay will be held in line with the Chinese Lunar New Year holiday period.

Lee Tae-young, Manager of the Service Product Team at GS Retail, stated, “Convenience stores have now become an indispensable major shopping destination among foreign tourists,” adding, “GS25 plans to be the first to renovate and enhance the convenience of financial services that foreign tourists need and frequently use, fulfilling its role as a representative K-convenience store.”