Credit Card Companies Launch Common QR Service for Convenient Simple Payments

Available at Large Retail Stores and Coffee Shops

In line with the contactless payment trend, credit card companies have established a common standard for mobile QR payments.

According to the Credit Finance Association on the 27th, eight domestic credit card companies (Lotte, Samsung, Shinhan, Woori, Hana, Hyundai, KB Kookmin, NH Nonghyup) have created a common QR standard to enable consumers and merchants to conveniently use mobile payments. This was the result of cooperation among major domestic credit card companies, simple payment providers, international brands, and value-added network (VAN) operators.

With the introduction of the common QR standard, consumers can use QR payment services provided by credit card companies regardless of their phone model. Based on the global standard EMVCo (Europay, MasterCard, VISA) specification, foreign tourists can also use QR payments domestically. Additionally, strong encryption technology and security protocols have been applied to ensure the safety of personal and financial information.

Merchant efficiency will also improve. Merchants can process credit card QR payments with a single standard, simplifying the application procedures for payment terminals and systems. This reduces operating costs and improves payment processing speed. Merchants simply need to generate a QR code by clicking ‘Pay’ on the consumer’s credit card company payment application (app) and then complete the payment using POS terminals, kiosks, etc.

Starting this month, six card companies including Lotte, Samsung, Shinhan, Hana, Hyundai, and Kookmin Card have launched the common QR payment service, and the remaining card companies plan to apply the common QR standard in the second half of the year. Merchants adopting the common QR standard service include major domestic retailers such as Hanaro Mart and IKEA, as well as coffee specialty stores like Mammoth Coffee, Mega MGC Coffee, and Ediya Coffee. Going forward, credit card companies plan to secure additional merchants applying the common QR standard, such as major convenience stores and pharmacies.

Earlier, credit card companies, simple payment providers, and VAN companies signed a ‘Strategic Business Agreement (MOU) for Promoting Mobile Payment Common Standards’ in May last year. This was an agreement to standardize domestic mobile payments amid increasing demand for non-face-to-face and contactless payments. In June last year, a ‘Common QR Standard Task Force (TF)’ was formed, the common QR standard was established in October, and the standard was announced in January.

Jung Wankyu, chairman of the Credit Finance Association, said, “We expect the common QR standard to provide a better payment environment for both consumers and merchants,” adding, “The association and credit card companies will continue to provide convenient and secure payment services through ongoing technological development and cooperation.”