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Japan and South Korea expand cross-border payment and transit solutions
Financial and technology firms are launching new initiatives to streamline payments and transportation for travelers between Japan and South Korea.
Shinhan Card and Japan’s SBI Group have entered a partnership to test the integration of Japanese yen stablecoins with credit card payment systems. This pilot aims to allow Japanese tourists to make purchases at South Korean merchants using yen-linked stablecoins via existing card networks, potentially bypassing traditional currency exchange processes. The collaboration also explores cross-border remittances and trade settlements.
In a separate development, Dai Nippon Printing (DNP) is supporting the issuance of the ‘Travel Pay Card’ in collaboration with Travel Wallet Japan, South Korea’s EZL, and Thales. This represents the first Japanese-issued prepaid card to feature a South Korean transit IC chip with balance-linked functionality. The service is designed to allow Japanese travelers to use a single card for both retail payments and public transportation, such as subways and buses, within South Korea.
Additionally, JR East has launched ‘teppay,’ a code payment service integrated directly into the mobile Suica app. By utilizing the JCB ‘Smart Code’ network, the service provides access to over 1.7 million merchants. The service aims to expand the utility of the Suica ecosystem by allowing higher transaction limits of up to 300,000 yen through identity verification, addressing the limitations of the standard 20,000 yen Suica balance cap.
Entities
Dai Nippon Printing · JR East · SBI Group · Shinhan Card · South Korea
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The Shinhan-SBI partnership aims to facilitate cross-border trade settlements and remittances. blockcast.it
- [○ 1 SOURCE] The Travel Pay Card is a Japanese-issued prepaid card with balance-linked functionality. www.dreamnews.jp
- [○ 1 SOURCE] teppay utilizes the JCB ‘Smart Code’ to access over 1.7 million merchants. biz-journal.jp
- [○ 1 SOURCE] Shinhan Card and SBI Group are testing the integration of Japanese yen stablecoins with credit card systems. blockcast.it
- [○ 1 SOURCE] teppay allows payments up to 300,000 yen following identity verification. biz-journal.jp
- [○ 1 SOURCE] DNP is supporting the issuance of the ‘Travel Pay Card’ featuring a South Korean transit IC chip. www.dreamnews.jp
- [○ 1 SOURCE] The Travel Pay Card allows users to use one card for both retail and public transit in South Korea. www.dreamnews.jp
- [○ 1 SOURCE] JR East launched the ‘teppay’ code payment service within the mobile Suica app. biz-journal.jp