BankPay

Korea’s nationwide bank account-based payment network enabling secure digital and mobile transfers

Overview

BankPay is a national payment system in South Korea operated by the Korea Financial Telecommunications & Clearings Institute (KFTC). It enables consumers to make payments directly from their bank accounts through mobile apps, online checkouts, and QR transactions. BankPay integrates seamlessly with all major Korean banks, providing a convenient alternative to card payments while maintaining high levels of security and regulatory compliance

Key Services / Solutions

BankPay supports online and in-app purchases, QR-based in-store payments, and peer-to-peer transfers directly from bank accounts  It also facilitates recurring bill payments and supports integrations for fintech and merchant platforms through standardized APIs  The system underpins much of Korea’s financial infrastructure, linking banks, merchants, and consumers across a unified payment network

Supported Payment Methods

Direct bank transfers via mobile and online banking

QR code payments for in-store transactions

Integration with fintech platforms and digital wallets

Target Markets / Regions

BankPay operates exclusively within South Korea, serving consumers, merchants, and public institutions  It is supported by all major Korean banks including KB Kookmin, Shinhan, Woori, Hana, and NongHyup, and is accepted across most online and offline merchants

Strengths / Differentiators

Nationwide coverage across all major Korean banks

Highly secure infrastructure backed by KFTC

Low-cost, instant transactions without intermediaries

Trusted by both consumers and businesses for reliability

Want to know more about BankPay?
Contact Bizz2Pay today to discuss your requirements or get introduced to the right BankPay team member or Payment Provider accepting BankPay