Woori Bank to develop digital wallet for foreign visitors in South Korea

Woori Bank has signed a business agreement with fintech startup CrossHub to improve payment convenience for foreigners visiting South Korea, Newsis reported on June 11. The two companies will jointly develop a digital wallet exclusively for foreign visitors, with a target launch in the second half of the year. The service will allow users to register their passport information and payment method once to access simple payments across major domestic platforms for services like transportation, delivery, and shopping without needing additional authentication. Additionally, the partnership will involve testing a domestic payment environment using foreign currency-based stablecoins to assess the feasibility of building a new payment infrastructure.