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S. Korea’s GS25 to accept foreign cash payment

Collected: 2018.01.24

Distributed: 2018.01.25

Source: Go Direct

[Photo provided by GS Retail Co.]

South Korea’s GS Retail Co. said on Tuesday that it will begin accepting foreign currency payments at its GS25 convenience stores next month, becoming the first industry player in the country to allow consumers to make cash payments in U.S. dollar, yen, euro, and yuan.

Under the new system that will become available from Feb. 5, foreigners will no longer need to exchange the four currencies into Korean won when making purchases at GS25. Payments will be made according to daily exchange rates provided by Shinhan Bank with added commission.

GS Retail will start to accept foreign cash payments at two GS25 convenience stores in Yeoksam-dong, southern Seoul, and gradually expand to include other nationwide stores.

An unnamed official from GS25 said the company has come up with the new payment system to embrace the growing number of foreigners ahead of the Winter Olympics in Pyeongchang, Gangwon Province, and that it will accept foreign cash payments at its stores in the alpine resort town as well as in other tourist spots such as Myeongdong in central Seoul and resort island of Jeju.

By Baek Sang-kyung and Lee Eun-joo

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