Danal's WeChat Pay Transactions Surge 52% Year-on-Year Amid Rise in Foreign Tourists

Danal's foreign payment services, including WeChat Pay QR payments, have seen a rise in performance due to the increase in inbound tourists to Korea. Furthermore, with the implementation of visa-free entry for Chinese group tours expected in the second half of the year, the growth is projected to accelerate even further.

On July 15, Danal announced that the transaction volume for WeChat Pay offline QR payments in the first half of this year increased by approximately 52% compared to the same period last year. In particular, the transaction volume in May reached an all-time high.

The WeChat Pay offline QR payment service is a partnership between Danal and China's Tencent, allowing inbound tourists to make convenient payments at domestic convenience stores, beauty shops, franchise stores, and more. The main reason for the increase in transaction volume is believed to be the rise in the number of Chinese tourists, which has also led to an increase in convenience store usage.

According to statistics from Incheon International Airport Corporation, the number of Chinese visitors to Korea from January to May this year was approximately 4.68 million, a 24.9% increase compared to the previous year. In addition, due to the rise in individual tourism, the number of inbound tourists has been steadily increasing since March. In the first quarter of this year, sales to foreigners at domestic convenience stores also increased by more than 40% compared to the previous year. Unlike in the past, tourists are now spending more on daily necessities rather than high-priced goods, which is seen as another factor influencing this trend.

Moreover, if the government proceeds with its plan to allow visa-free entry for Chinese group tourists in the third quarter, WeChat Pay QR payment performance is expected to grow even further. Currently, Danal has partnerships with major global payment companies and plans to expand its payment services to inbound tourists from countries other than China. In addition, Danal, in collaboration with BC Card, is set to launch a "foreigner-specialized prepaid card" within the third quarter. As a result, Danal's foreign payment services are expected to see even greater growth in the second half of the year.

A Danal representative stated, "Not only are our tourist payment services growing rapidly, but the number of partner universities for tuition payments by foreign students residing in Korea is also increasing quickly." The representative added, "We will accelerate the completion of an integrated platform that enables convenient payments for tourists, students, and foreign workers residing in Korea, all through a single Danal service."

Meanwhile, Danal's tuition payment service for international students allows them to pay tuition fees easily without separate currency exchange. The service supports global payment methods such as PayPal and WeChat Pay, and, thanks to increased administrative convenience for fee collection, is currently used by more than 100 universities in Korea, with the scale of partnerships expanding nationwide. The transaction volume in the first half of this year increased by approximately 62% compared to the same period last year.