Zero Pay, which has grown to 100 billion won per month

The Korea Easy Payment Promotion Agency (Chairman Yun Wan-soo, hereinafter referred to as Han Gye-won) announced on the 11th that the cumulative number of ZeroPay affiliated stores across the country has exceeded 800,000.

ZeroPay introduced “mobile local love gift certificates and mobile onnuri gift certificates for traditional markets and shopping streets, and introduced it for the first time with a call to support small business owners in 2018. It has proven its value through effective distribution such as disaster subsidies, mobile local love gift certificates, and mobile Onnuri gift certificates,” he explained.

Yun Wan-soo, chairman of the Korea Easy Payment Promotion Agency, said, “I understand it thanks to the interest and encouragement of small business owners and consumers that exceeded 800,000 Zero Pay franchises. said.

Zero Pay is a mobile simple payment service created to reduce the burden of payment fees for small business owners. When a consumer recognizes the store QR code and makes payment, the amount is transferred from the consumer account to the affiliated store account. The average fee rate applied to simple payment for small business owners is 0.3% on average, 0% for annual sales of 800 million won or less, 0.3% for 800-1.2 billion won, and 0.5% for those exceeding 1.2 billion won.

Affiliate application can be easily applied online, and when applying for an affiliated store, one QR code is basically issued for free. Affiliates can increase sales by using corporate Zero Pay, Onnuri Mobile gift certificates, and local love gift certificates, and sales management apps are also supported for free.

A zero-pay official said, “Consumers can use the zero-pay simple payment service through 43 apps such as banking apps and electronic financial business apps. Because they can transfer money from their account simply by recognizing the QR code without using cash or plastic cards,” It adds simplicity. In addition, it provides a discount on public facilities usage fees in downtown Seoul, and you can receive a 30% income deduction without requesting a cash receipt when paying.”

‘Enterprise Zero Pay’ for public institutions, governments, local governments, and corporations supports the payment of business promotion expenses and general public funds with zero pay. With the management system, users can be registered in advance and payment limits can be set, and payment limits can be registered in the user app for each payment, thereby preventing accounting accidents in advance, enhancing transparency in financial management and accounting management of companies.

In addition, the global expansion, such as linking with WeChat Pay, zero delivery, parcel delivery, and transportation, etc., are also a topic to watch with interest.

FINTECHPOST

Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.