GCMC Establishes Tax Refund Business to Provide Convenience for Foreign Travelers
The GCMC (CEO Julius S. Han) announced that it will launch its tax refund business in full-scale this November.
GCMC, which has been providing DCC (Dynamic Currency Conversion) service in Korea for the past 7 years, has been pushing for a tax refund business and is planning to provide foreign tourists with a new service. DCC service is a currency exchange service that displays both Korean and traveler’s local currency when the travelers pay at the stores.
GCMC plans to jointly promote its tax refund business through its blockchain-based wallet application with domestic and international partners with technological expertise. Through partnerships with the EBC Foundation, OnionTech, ChainRefund, and others, the company plans to expand to both domestic and overseas market.
EBC Foundation will focus on expanding its blockchain-based tax refund business globally, ChainRefund will develop a blockchain-based tax refund service, and OnionTech will implement a tax refund service as a business solution.
According to a GCMC official, “First, we will apply solutions from OnionTech to build the system and obtain the business license by September of this year. Then, we plan to jointly advance into foreign markets in the future.