BCcard

BC Card (CEO Choi Won-seok) has been selected as an overseas partner in the Global Digital Payment Project promoted by the Indonesian government.

BC Card has announced that they signed a key contract with "PT. ALTO Network" and "PT. Finnet Indonesia" in Jakarta, Indonesia, on the May 24th to 25th (local time), respectively.

Major officials attended the signing ceremony, including BC Card CEO Choi Won-seok, ALTO Vice President Patrico Baron, and FINNET Vice President Aribowo Romdam. ALTO is Indonesia's largest payment network operator established in 1993, and FINNET is a large state-run electronic payment gateway company.

This is the result of recognizing N2N (Network to Network) and global digital financial services competitiveness between countries such as Indonesia and Vietnam. Through the contract, BC Card will become an overseas QR payment partner for 280 million Indonesians and a local simple payment service provider in Indonesia for Koreans.

BC Card will actively participate in revitalizing digital payments at domestic and overseas in Indonesia by (1) establishing QR payment system, (2) expanding infrastructure for QR affiliates, (3) establishing a payment acquiring system, and (4) transferring know-how in operating digital platforms.

Currently, QR payments in Indonesia are on the rise. At the center of it is the standard QR code system 'QRIS (Quick Response Code Indonesian Standard)' developed by Indonesia's central bank in 2019.

The QRIS Global Expansion Project is a project that connects payment networks directly so that customers who visit the other countries can simply pay with only QR codes without any preparation for currency exchange or presenting real credit or debit cards. For the digital transformation, BC Card has been chosen for the only partner according to its technological know-how.

When the project is completed, BC Card customers who visit Indonesia can pay through QR Code with BC Card's simple payment app "Paybooc". On the contrary, Indonesian who visit South Korea can also pay at BC Card QR merchants with QR code generated in their own financial company's app.

For example, Indonesian fans of BLACKPINK, a global music artist group in South Korea, can purchase directly through online malls such as "Weverse shops" located in South Korea only with their own QR codes. Meanwhile, Korean sellers can use the payment platform as a global selling-point so that overseas consumers can easily purchase their product or service. If reverse direct purchase is activated, sales of related small and medium-sized companies are expected to expand to up to hundreds of billions of won, approximately.

Also, The Indonesian Payment System Association, a member of the Indonesian central bank, in charge of the project, recognized BC Card's technology and capability in Indonesia's payment business.

In Indonesia, the mobile-based digital payment market is growing rapidly as it consists of 20,000 islands and has many young consumers with an average age of 29. Indonesia is known to have signed a contract with the aim of converging information and communication and finance, citing BC Card's fin-tech capabilities and KT Group's trust in ICT competitiveness.

BC Card plans to actively pursue a global project (N2N) that connects payment networks with Southeast Asian countries such as Thailand and Malaysia based on its successful experience in Indonesia's national business following its acquisition of "WireCard Vietnam" last year.

Choi Won-seok, CEO of BC Card, said, "We will continue to provide Indonesian financial consumers with innovative digital experience beyond existing payment methods and solidify our status as a global payment network provider."