KB Kookmin Bank launches QR payment service in China

KB Kookmin Bank has introduced a new overseas QR code payment service in China, making it the first South Korean financial institution to link directly with the Chinese national payment network. Through the ‘KB Star Banking’ app, users can scan QR codes at local merchants to pay in yuan without the need to install local applications like WeChat Pay or Alipay, or register additional personal information such as passports and credit cards.

The service was developed in cooperation with the Net Union Clearing Corporation (NUCC) and local payment providers, including Bank of Communications and WeChat Pay. By linking directly with the national infrastructure, the bank aims to reduce transaction fees and offers a 100% preferential exchange rate at the time of payment.

To celebrate the launch, the bank is running a cashback promotion until December 21, offering 10% of the payment amount back in Star Points, up to 10,000 won per transaction and a maximum of five times per person. The KB Star Banking overseas payment service is also available in other regions, including Japan, Vietnam, Thailand, and Taiwan.