Fintech startup Cross ENF has launched a daily finance service for foreigners living in South Korea, supporting remittances, payments and public transport use.

Cross ENF said on Monday it launched the foreigners-only simple payment service CROSSPAY and the prepaid card CROSSCARD.

CROSSPAY is a service that lets users top up in won and use it for overseas remittances and online and offline payments. It supports 12 languages, including Korean, from sign-up to customer service inquiries.

Foreign residents in South Korea aged 19 and over can open a CROSSPAY account after verifying their identity with a mobile phone in their name and an ID check.

The prepaid card linked to CROSSPAY comes in 2 types: the standard CROSSPASS and CROSSPASS PLUS, which includes an automatic top-up function for transportation cards. There is no annual fee, and it offers up to 1 percent cashback on card payments.

Top-up methods include virtual account transfers, cash top-ups at convenience stores and registering a withdrawal account. If a withdrawal account is registered, users can also set the service to top up automatically by an amount they specify when the balance falls below 10,000 won.

The company is also running a launch promotion. In September, it will waive the CROSSPASS issuance fee for the first 10,000 people who enter CROSSPAY in their native language into the Cross customer service chatbot.

Chief Executive Won-hee Shin (신원희) said, "We prepared the service to reduce the inconvenience foreign residents in South Korea face in the process of securing a means of payment," adding, "We will continue to expand the scope of daily finance services such as remittances and payments."