외국환거래법 시행령 개정안 등 국무회의 의결

South Koreans will be able to use mobile payment services when buying goods overseas starting next week.
The cabinet today approved a revision to an ordinance that allows non-financial firms like fintech companies to provide mobile payment services abroad.
People will be able to buy things with mobile payment apps, such as KakaoPay,... at partner stores in Japan as well as Southeast Asia,... after pre-charging their accounts.
By using this method people can avoid paying about one percent of overseas transaction fees to global credit companies like Visa or Mastercard.
The finance ministry also expects the move to strengthen the competitiveness of the country's fintech industry.