From small ₹5 transactions to ₹1000 payments, Unified Payments Interface (UPI) has become a crucial part of our daily financial activities. This convenient payment method has significantly eased the burden of carrying cash. In fact, UPI is not only popular in India, but also accepted in various countries like Singapore, Qatar, the UAE, Bhutan, Nepal, and more. And now, South Korea has joined this group, allowing travelers to use UPI for their payments when visiting.
South Korean President Lee Jae-myung visited India from April 19 to 21, where he met with Prime Minister Narendra Modi. During their discussions, they emphasized improving cooperation between the two nations, including making their digital payment systems compatible with each other.
The result of this partnership is a Memorandum of Understanding (MoU), which enables tourists from South Korea to use their own payment methods in India, while Indians can use UPI in South Korea.
After Japan, Indian Travelers Can Now Use UPI In South Korea
On April 20, NPCI International Payments Limited and Korea’s Financial Telecommunications and Clearings Institute formalized their collaboration by signing the MoU during President Lee’s visit.
With this development, South Korea becomes the second country in East Asia to adopt UPI for transactions, following Japan’s acceptance of UPI merchants earlier this month on April 1. This MoU was one of four agreements made during the summit, which aims to achieve a bilateral trade goal of $50 billion by 2030 and also introduce an India-Korea Digital Bridge to enhance collaboration in fields like semiconductors, artificial intelligence, and financial services.
When we talk about South Korea, it’s clear that in recent years, especially after the pandemic, Indian travelers have shown a keen interest in visiting the country. Thanks to BTS, K-Dramas, and various skincare products, South Korea has become a must-visit destination for Indians. Whether it’s the vibrant streets of Seoul or the picturesque landscapes of Busan and Jeju Island, Indians are actively planning trips to South Korea. And now the integration of UPI will further enhance their experience while traveling.
