Digital asset-based fintech company SuhoIO said on Tuesday it unveiled Tiko Pay, a payment solution for global travellers.

Tiko Pay is a next-generation travel payment platform based on PBM (Purpose Bound Money) technology that reduces the inconvenience foreign tourists face in South Korea when exchanging currency and making payments.

The company said foreign tourists visiting South Korea have had to spend time searching for currency exchange counters and bear high overseas payment fees when using international cards. It said many tourists from Southeast Asia and China often struggle to access payments because international credit card penetration is low or existing payment methods are blocked. Tiko Pay addresses these issues with a digital voucher system using PBM technology. Users can buy digital vouchers through the app and pay immediately at affiliated merchants in South Korea without separate currency exchange. It offers an exchange-rate fee that is cheaper and more transparent at about 3.5 percent compared with existing currency exchange counters, and provides cashback rewards on all transactions.

SuhoIO plans to focus initially on users in global Web3 communities who are familiar with digital payments. It will run a proof-of-concept campaign in Gangnam-gu targeting local restaurants and cafes, then gradually expand to tourists from Southeast Asia and China, foreign residents staying long term in South Korea and general tourists, in that order. Business lead Jin-hwan Lee (이진환) said, "Tiko Pay is a solution that resolves the inconvenience foreign tourists face in South Korea related to payments and currency exchange," adding, "Based on PBM technology, it will provide the cheapest, most transparent and most accessible global payment experience, and establish itself as an essential app for travellers visiting South Korea."