KUALA LUMPUR, June 6 – In a landmark move, Payments Network Malaysia (PayNet) has entered into a strategic partnership with BC Card, South Korea’s premier payment processing company. This historic collaboration signifies the first-ever joint venture between PayNet and a South Korean financial institution, with the aim of facilitating effortless digital payments between Malaysia and South Korea.
Through this alliance, BC Card clients will enjoy the convenience of utilizing their Paybooc QR to conduct transactions in Malaysia directly from their home accounts, streamlining the payment process without the hassle of currency exchange or separate top-ups. The initial phase of the partnership will grant visitors from South Korea access to Malaysia’s extensive DuitNow QR network, comprising over 2 million merchant touchpoints, thus enriching the payment experience for tourists and contributing to Malaysia’s tourism objectives, particularly with Visit Malaysia Year 2026 on the horizon.
Plans for the second phase, which will enable the use of DuitNow QR in South Korea, are currently underway, signaling a significant step towards enhancing financial inclusivity and connectivity across borders. Farhan Ahmad, Group Chief Executive of PayNet, expressed optimism about the partnership, highlighting its role in simplifying digital payment processes for visitors from both countries and fostering a seamless cross-border payment experience.
This collaboration underscores a shared commitment between PayNet and BC Card to drive the advancement of digital payments and promote financial inclusivity on a global scale, ultimately positioning Malaysia and South Korea as key players in the evolving landscape of the financial sector.
