The Busan Ministry of SMEs and Startups said yesterday that the state-sponsored ‘Zero Pay’ mobile payment system is now available for customers to use at more than 2,400 convenience stores in Busan including CU, GS25, Seven Eleven, and Mini Stop.
Zero Pay is a direct transaction system where money is transferred from a consumer’s bank account to a seller’s account when the consumer scans the seller’s QR code with their smartphone for a purchase.
It is aimed at reducing the financial burden on small businesses that have to pay transaction fees to credit card companies.
The platform charges nothing to small businesses with annual sales below 800 million won, or 0.3% to 0.5% according to the annual sales of more than 800 million won.
As of 2017, the average annual sales of convenient stores came to 487 million, the amount that allows no transaction fees for credit card payments.
The Ministry has also improved the matter of payment process that has been pointed out by the users.