Seoul: South Korea and India plan to launch a QR code-based cross-border payment system this year, Seoul's chief financial regulator announced Wednesday. In a post on social media platform X earlier in the day, Lee Eog-weon, chairman of the Financial Services Commission (FSC), stated that citizens from both countries will be able to make payments with exchanging currencies using the envisioned service.

According to Yonhap News Agency, Lee is currently accompanying President Lee Jae Myung, who is on a trip to Vietnam for summit talks after visiting India earlier this week. The FSC chief emphasized that the QR-code payment system is expected to reduce commission fees significantly.

Earlier this month, South Korea and Indonesia launched a separate QR code-based payment system between the countries, highlighting the growing trend of digital and cross-border payment solutions.