The agreement aims to explore the integration of systems to enable cross-border QR payments between Korea and Nepal. Under the MOU, the two companies will collaborate to assess regulatory, operational, technical, and commercial aspects to integrate their payment processing switch, an integration that aims to facilitate cross-border QR code-based payments between Korea and Nepal.
Initially, the collaboration will focus on providing outbound QR payment services from Korea to Nepal. GLN users travelling to Nepal will gain access to cashless, cardless, real-time QR payment services at over 1.3 million offline stores across Nepal through various apps, including Hana 1Q, KB Wallet, iMBank, Toss, Hana Money, and the GLN App.
GLN has previously expanded its payment network successfully in Southeast Asian regions such as Thailand, Laos, Vietnam, Singapore, Cambodia, and in Northeast Asian regions including Japan, Hong Kong, and Taiwan. The collaboration with Fonepay signifies GLN's efforts to expand into Central Asia and other Asian regions. Future expansion plans include regions such as the Philippines and Mongolia, aiming to offer a broader range of cross-border payment services for GLN partners' global customers, including Korea, and to establish a payment network in Korea for visitors from these corresponding regions.
Representatives from GLN cited by Yahoo Finance expressed enthusiasm about the partnership with Fonepay, highlighting the company's commitment to delivering cross-border payment services worldwide. They also mentioned the strategic significance of expanding into new territories and providing innovative payment solutions that surpass borders.
In turn, Fonepay officials also expressed excitement about the collaboration with GLN and brought up the opportunity to expand services among Koreans and people in GLN partners' regions, aligning with their international expansion drive. They also highlighted the potential of technology to unlock new opportunities, enhance financial inclusion, and contribute to creating a thriving digital economy in Nepal.
In December 2023, JCB revealed a partnership with GLN to support the acceptance of Korean code payment services at Smart Code merchants in Japan.
The collaboration aimed to provide users of the Korean code payment services (including GLN, KEB Hana Bank, and KB Kookmin Bank) with the possibility to shop and make purchases at Smart Code merchants in the region of Japan. The move came in the context of an increase in demand for access to code payment services available in Japan. Moreover, companies and businesses aimed to meet the needs of their customers in order to capture inbound tourism spending.
Source: https://thepaypers.com/mobile-payments/gln-international-signs-a-mou-with-fonepay--1267384
