Express Bank Transfer, emerged as a new bank transfer product known locally in South Korea as "퀵계좌결제,". It represents a significant improvement over traditional bank transfers, which often have frequent page redirections and complicated payment steps that contribute to high transaction abandonment and a low success rate.

In response to these challenges, and driven by South Korea's supportive open banking policy, Express Bank Transfer has been developed to streamline the payment process. After the initial setup where the user binds their bank account during the first-time payments, subsequent payments can be completed in just two steps. This not only enhances the user experience but also increases the payment success rate by 20% over traditional bank transfers.

Properties

The properties of Express Bank Transfer are shown in the following table:

[1] Luxury goods: The unit price of each transaction is greater than or equal to 2,000,000 KRW.

Note: The payment amount limits in the table are for users.

User experience

Note: The following payment flows on different terminals are reference only, and represent this payment method's flow on different terminal types. For supported merchants' terminal types, consult Antom Technical Support.

The following graphics show the journey of paying with Express Bank Transfer in different scenarios:

First-time payments

Subsequent payments

New account binding for existing users

Users who have already registered and bound previous accounts can also add extra accounts. User flows here show the extra accounting binding process for existing users.