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The South Korean government said Monday that it will introduce alternative online payment systems to offer foreign shoppers easier, simpler access to local shopping malls as part of its deregulation drive to boost the economy.
The financial authorities have removed the authentification system that limited foreign shoppers from making direct purchases and caused inconveniences in May, but many shops and stores are still using the process for payments of more than 300,000 won ($293), citing security concerns.
The Ministry of Science, ICT and Future Planning and the Financial Services Commission said they will lift the 300,000 won limit and authorize multiple payment technologies that meet government criteria, and online mall operators can choose one of them. (Yonhap)
The financial authorities have removed the authentification system that limited foreign shoppers from making direct purchases and caused inconveniences in May, but many shops and stores are still using the process for payments of more than 300,000 won ($293), citing security concerns.
The Ministry of Science, ICT and Future Planning and the Financial Services Commission said they will lift the 300,000 won limit and authorize multiple payment technologies that meet government criteria, and online mall operators can choose one of them. (Yonhap)
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Articles by Korea Herald
