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Regulator to allow brokerages to offer payment gateway service

All Headlines 12:00 August 09, 2018

SEOUL, Aug. 9 (Yonhap) -- The financial regulator said Thursday it will allow brokerages to provide a payment gateway service to help them forge e-commerce cooperation with foreign payment service providers.

A payment gateway is an online payment solution that processes credit card payments for online and offline retailers.

Regulator to allow brokerages to offer payment gateway service - 1

At present, Seoul bans brokerages from providing a payment gateway service, making it impossible for them to cooperate with foreign payment service providers, the Financial Services Commission (FSC) said in a statement.

If the present law is revised, brokerages could cooperate with foreign payment service providers, particularly with China's mobile payment service platforms, the FSC said.

The move is expected to make it easier for Chinese tourists to use their mobile payment services in South Korea's brick-and-mortar markets, the state commission said.

kdh@yna.co.kr
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