Alipay is one of those financial companies which continues to evolve. Its newest sere comes in the form of paperless tax refund services. This new service is coming to South Korea. Through a strategic partnership with Global Tax Free, this is the first paper mobile tax refund function in the country.

Innovation in the financial sector comes in different shapes and sizes. For Alipay, the objective has always been to look beyond the traditional products and services. Especially with mobile devices playing a bigger role of importance, the demand for new services is only growing. Alipay has ventured into the tax refund business since 2017. At that time, the firm offers real-time tax refund services in Europe by having users scan their Alipay QR code at airport tax counters.

Another Smart Change by Alipay

For its South Korean venture, the process is very similar. It is designed to make life easier for Chinese tourists claiming tax rebates This removes the need to rely on city-based or airport tax refund counters. Everything can be accessed through and handled by the company’s mobile application. Tax refund tickets will refund valid for 90 days after purchasing goods in South Korea.

Alipay Korea GM Danny Chung adds:

“With this unique new function, Alipay users can skip the queue and process tax refunds on their mobiles, without filling out and submitting any paperwork. This will both save time and make it easier to claim refunds. We look forward to working with our partners and leveraging our technological capabilities to bring more convenient tax refund solutions to outbound Alipay users.”

It is another feather in the cap for Alipay. South Korea Is the world’s most convenient location for tourists to claim tax refunds. This is primarily because thousands of merchants support the GTF tax refund service. This new mobile service will expand upon the existing functionality and speed up the process as a whole. If successful, this venture will be introduced in other Asian countries moving forward.

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JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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