(https://www.theigc.org/wp-content/uploads/2018/06/IGCJ6046-VAT-Tax-180521_WEB.pdf)

Without enforcement VAT systems work poorly. Small island nations typically have small revenue collection agencies, small information technology systems to manage such taxation regimes, small budgets for maintenance and upgrades and small judiciaries (to handle tax appeals).

===============

Solution:

Bring-Keep-Track tourist spending onshore using blockchain technology.

Both sets of problems can be solved by creating a Cardano compatible, stable coin backed Payments Scheme, the Universal Tourism Payment System (UTPS). Accessed via a nationally branded mobile application. Linked (in the background) to a crypto wallet, a payment processing gateway, a merchant POS application (using QR codes for simplicity) or a device, and Government owned management system. (Click on the graphics at the top of the proposal). Managing cryptocurrency's volatility risks through a stable coin like Djed.

COTi, one of many such ADA compatible payment systems, explains the workings of such a Universal Payment System in the short video, (linked above).

Basic elements of the solution are as follows.

• The government will create a legal requirement that visitors pay for all in-country (taxable) travel-related expenses via Universal Tourism Payment System.
• Payments for services initiated offshore, made via the system, effectively become onshore payments, taxable and are visible.
• Incentives for use of the system will also be offered. Such as crowdfunding in support of discounts, preferential access to otherwise limited access locations, support of SDG social and environmental programs etc.

Since transactions will be transparently recorded on the Cardano blockchain (perhaps on an AtalaPrism permissioned blockchain & DiD), governments will be able to identify and capture the taxable portion of every transaction as it is happens. Greatly reducing the administrative burden on small businesses. Practically eliminating penalties for late or inaccurate filing. Avoiding the need to employ a large revenue collection or enforcement organisation. Appeals will be simplified, since every transaction will be recorded immutably on the blockchain.

Digital Ledger Technology will greatly reduce the amount of funds governments need to purchase and customise large scale VAT related software systems, employ off-island consultants, train, and for the cost of operation and maintenance of a sophisticated data collection, storage and and processing infrastructure.

The solution at simplest level:

• Launch a new Government mandate establishing the requirement for all tourist expenses in-country to be paid in ADA, using the ADA payments mobile app
• Granting of visit visas on arrival is verified by proof of a crypto wallet containing a certain amount of ADA (TBD), sufficient to support length of stay
• Additional amounts of ADA can be purchased "on-Island" as needed
• At the end of the visit, unspent ADA can be exchanged into fiat via the application, if desired.
• When adopted, merchants will be able, and even encouraged, to use the ADAPay system as a record-keeping system in transactions between its citizen, if desired, alongside the national fiat currency. The ADAPay system is NOT intended to create a national currency.

National adoption of this simple DLT payment scheme

• can be extended far beyond small island nations
• can impact nation building far beyond revenue collection
• will be the first step towards adopting DLT technology for many aspects of governance.

On the surface, this proposal may seem not to be very adventurous (since it is targeted to a narrowly focused use case facing mainly small tourist-driven economies). However, if successful, it can provide opportunities for Cardano (and any payment system that accepts ADA) to implement the same or similar concepts in many other countries. The proposed solution

• aims to increase GDP in countries where every $ £ € ¢ ¥ of revenue makes a difference
• does not require a change in the nation's official currency
• offers targeted benefits that can impact on the entire country
• open a path to DLT smart city governance (specifically AtalaPrism uses).

Goals:

1. To design the UTPS system.
2. To create a presentation (including a series of explainer videos).
3. Bring the solution to the attention of a single island nation as a test case
4. Engage in ongoing discussions with the Government as needed

• in a stage of completeness sufficient for a government to decide to adopt
• suitable for subsequent presentations to encourage broader adoption by other similarly affected small island nations

The process of the UTPS adoption by the Government can be initiated but the outcome can not be assured at this stage owing to the particularities of the local political system.

Test Case:

This proposal is based on presenting the option first to the Republic of Palau.

Why start with small island nations that depend on tourism?

• the populations are small
• decision-making is easier than in large nations
• tourism arrivals are at a COVID-induced all time low, so a reset (involving dramatic change) is possible.
• the impact of lost revenue from tourism is important for their economy.

Why choose Palau?** A new administration was elected in January 2021 and has taken steps to explore cryptocurrencies.

• Palau**has committed to implement a new VAT taxation scheme in January 2023. Timing is right
• Our team has experience in the small island nation of Republic of Palau and a sense of their need
• Their tourism industry is ready for a reset after almost complete shutdown from Covid.*

Risk Management:

Funding this proposal will support the efforts of highly experienced people from relevant industries at much lower than normal consulting rates to

• design of what could be a widely used application of the Cardano ecosystem
• create promotional material (presentations and videos) that explain and promote the use-case
• design and commission creation of demonstration-level mobile dApps

We consider it prudent to recognise two types of risks that may impact on the success of this proposal.

• External - In this case relating to the Government chosen as a test case
• Internal - Matters affecting the Proposal Team.

These are the major risks we recognise in each category, and our plan to manage, mitigate or avoid the impact of those risks on successful completion of the project.

External Risk 1.

It is possible that the effort to convince a particular small island nation to implement the UTPS as a legal requirement would not be successful. In such case there are alternative uses of the work that has been funded.

• Approach other small island nations heavily dependent on tourism (of which there are many)

• Reorient promotion of the system to be

• a voluntary social platform facilitating tourist funding social and environmental programs

• an event or exhibition payment system (similar to centi.ch).

External Risk 2.

It is possible that decision-makers might require in-person presentations to make decisions about adopting the UTPS. Whilst the cost of travel is not included in the proposal budget, in such case, there are options.

• the proposal team funds the cost of travel (already included) if required in a short time frame
• if travel can be postponed (without negatively impacting on the prospects of adoption), travel costs could be included in a later Project Catalyst fund
• or a combination of both options (e.g. travel is funded by the team and reimbursement requested in a later Project Catalyst fund).

External Risk 3.

Many proposals, ours included, envision engaging consultants, freelance developers or companies to produce certain of the deliverables. Such engagements are commercial, and carry commercial risks of claims for non-performance additional charges for changes in scope or non-payment. Since the team is an unincorporated entity, potential liability for those commercial risks shall be agreed in the Proposal Team Agreement (PTA) included in draft form. The agreement will be executed as soon as possible after notification that this proposal was accepted for funding. But in any event before distribution of any funds.

Internal Risk 1.

Teams formed for Project Catalyst proposals are mostly temporary unincorporated arrangements between persons living and domiciled in a different countries, under different taxation rules (e.g US world wide income taxation, UK and many other countries taxing only onshore income, etc. We have considered a teaming agreement (included in this proposal in draft form - see attached pdf) that will be signed by all team members, if our proposal is funded.

Internal Risk 2.

Income generated by funds earned under a Project Catalyst proposal can create different tax liabilities for the individual team members. Such as:

• the team member whose Shelly wallet address will receive all proceeds from the Project Catalyst grant can have a tax liability for the entire amount of funds received
• the tax domicile of the team member receiving the grant funds may require V.A.T. reporting
• individuals receiving payments for services may have a tax liability for the amounts received.

The tax domicile for the team member whose shelly address will receive the grant funds does not tax such income. Other individual team members are are of this matter will decide how to report income according to the rules of their tax domicile.

Internal Risk 3.

Internal disputes about use of funds or continued participation in the completion of the proposal can cause a team to devolve into arguments and or disputes and then disintegrate. To manage this risk, the team members will enter into a teaming agreement upon being notified that this proposal has been accepted for funding. A draft of that agreement is enclosed with the proposal as an attachment.

Internal Risk 4.

Disputes about ownership of the work product. IP rights for any work product will be granted to all team members. And for avoidance of misunderstanding IP rights will be included in the teaming agreement.

Scaleability:

1. The results of this proposal can be taken up, and used by any small island nation depending on tourism.
2. The can be used as payment systems for events and exhibitions worldwide. Think exhibitions that attract multiple 10's or thousands of visitors or sporting events. etc.
3. Actually the UTPS could be used any place that requires controlled access, and offers goods and services to be sold by many vendors inside the event grounds.
4. Finally, perhaps the greatest use-case from the point of view of scalability is the use of the UTPS in managing payments within V.A.T. systems. Whether in closed systems like exhibitions and events, or more general use in local economies to reduce the burden of reporting, managing and monitoring compliance.

Impact on Cardano Community:

Solutions that offer benefits to governments, that are are also useful to the commercial sector offer the potential of wide scale adoption of the Cardano ecosystem. Every country has tourism. Payments by mobile phone applications and payment cards (credit and debit) are the dominant form of payment used by tourists, in the largest countries of the world.

Deliverables;

Deliverables include:

• a demonstration-caliber version of nationally branded mobile app
• demonstration of access (via the mobile app) to an ADA based payment system
• presentation(s) suitable to convince decision-makers to make further steps to implement this solution (whether it can be decided by executive order, or must be decided by a plebescite
• presentation(s) aimed at the main players in the local tourist industry in the selected nation.

The budget for this project covers

a). Elements necessary to present a nationally branded payment system to government decision makers, including a Cost-Benefit Analysis

b). Creation of demonstrations of four versions of a mobile app and different user experiences (English language only)

• Travellers
• Merchants (onshore and offshore)
• Government visa granting integration
• UTPS management system.

c). The budget does not include the cost of travel to present in person to Palau, since COVID restrictions during the coming 6 months are not predictable. If required we will fund travel expenses to present in Palau.

===============

Demographics:

The proposal targets decision-makers and influencers in the governments of small island nations which depend on tourism for a major part of their GDP, in general. Probably those having a population less than 50,000 persons. As described the initial concept will be designed around the particularities of the Republic of Palau.

Ultimately, the payment system could be used by larger communities. Either as a convenience based on incentives, or if the community has authority, by mandate.

===============

Our Team

Leonard Delunas - 30+ Year career as small and large business owner. Providing professional project and corporate management services in emerging markets. Including 12 years in conflict market (Afghanistan) creating $1.4 billion in sales automotive and technical equipment and mission critical services. Representing Ford, Mercedes Benz, TATA, JCB, SDMO (Diesel-Electric Generators) and other international brands. Associated with development strategies for small island nations since 1974. (See planning document authored in 1991 attached). Most recently, an angel investor in a start-up in SEAsia. (nitrolabs.co.th). MSc Digital Currencies and Blockchain, University of Nicosia.

<https://www.linkedin.com/in/leonard-delunas-60183660/?ppe=1>

Venushe Wickramarathne - 15+ Year career in Sales, Marketing & Commercials in the hospitality industry Actively involved in operations, f&b, sales, IT, banqueting, events, commercials in SE Asia. Served as the Regional Commercial Director – Best Western Hotels & Resorts overseeing 79 properties in 9 countries While perusing a MSc Digital Currencies and Blockchain, University of Nicosia, doing a deep dive into all things blockchain especially into distributed open source networks. Venushe started career with a BA in Hotel & Hospitality Management, B.H.M.S - Lucerne, Switzerland. After 15 years working in all aspects of the industry, he gives our team insight and validates the concept to be inline with the Travel Industry's internal workings. From this privileged vantage point, Venushe shares issues that neither the traveller, nor government administrators and certainly not cryptocurrency community members ordinarily see.

https://www.linkedin.com/in/venushe-wickramarathne/

Christophe Bosquillon - a blockchain and crypto MSc colleague of Leonard Delunas, sharing with Len decades of experience living and operating in the Indo-Pacific region. He's aware of political and socio-economic issues linked to predatory tourism and how value transfer models for Foreign Direct Investment (FDI) end up creating issues for local revenues and taxations. Chris acquired a diverse and collaborative leadership experience in deal negotiation, management, FDI, private equity, primarily in extraction industries, and internationally. Based 80% in Asia as CEO, corporate director, government agency contractor, entrepreneur, Chris developed business, legal, tech, and governance architecture experience, that also included how logistics hard assets combined with digital transformation, disrupt rent-seeking models. Resided in the Japan-Korea-Taiwan-China area, extensively travelled in the West and South Pacific and Indian Oceans. Witnessed on the ground decades of socio-economic transformation: how above four countries travel agencies run their value extraction business models over territories of less dominant nations. How their affluent middle class spends money and makes payments. How their citizens adopted mobile digital payment and may spend even more if finding a right touristic fintech infrastructure locally. Chris focuses on business, legal, and tech problematics that start to occur when digital transformation disrupts value chains, value capture, and governance models. With a couple of MSc, an MBA degrees, and experience in government relations and the legislative and fiscal process of adapting sovereign and responsible states' FDI frameworks to disruptive technologies, Chris currently strengthens credentials in law and regulatory frameworks from digital transformation issues to new space economic development. That includes the redesign of value chains and fair governance, leveraging data-AI-DLT integration and legal engineering for more autonomy in decision making.

<https://www.linkedin.com/in/christophe-bosquillon-aka-cryptos-odysseus-978259150/?originalSubdomain=ch>

Yiannos Papadapoulos - A strategic and visionary thinker, focusing on actions and results oriented approaches – Yiannos, as a senior executive, has successfully led several regional and global organisations with approximately 1000 staff and business revenue exceeding US$500 million. He has more than 25 years of experience in, executive, leadership and general management roles holding full P&L accountability, as well as being on the Board of Directors for various organisations.

Yiannos was the President for Verifone Asia Pacific and a member of Verifone Inc's Executive Team.

Based in Singapore's regional headquarters, Yiannos was responsible for building the Verifone APAC digital and electronic payments business into a client first, operationally excellent, strategically focused, and properly organised growth business supported by a single, distinctive "One Verifone" culture

As Regional Vice President and General Manager, APAC for NCR, he developed and executed regional strategies, which drove profitable and sustainable growth and won market share in multiple business segments. He also identified and implemented business and commercial models that met NCR's current and future market needs, including Software as a Service and Managed Services. Yiannos built, drove, and motivated the sales team to sell high value solutions efficiently and oversaw functional teams in the business.

Yiannos has strong expertise in digital sales, finance, governance and business development in matured as well as emerging markets. He brought to Verifone and NCR a broad understanding and execution of digital processing, omni-channel strategies and re-invention of how consumers and business transact and interact with institutions to create better experiences for their customers, while lowering operational costs and increasing revenue.

He holds an MBA from Aston University, UK and a Bachelor of Computer Science from University of Essex, UK.

<https://www.linkedin.com/in/yiannos-papadopoulos-b2970848/?originalSubdomain=sg>

===============

Action Plan

Step 1. Cardano Community endorses and funds the proposal. Proposers commit supplementary funds necessary to bring the project to implementation phase.

• 1a). Create Proof of Concept - Design a ADA payment ecosystem (gateway, point of sales, implementation protocols) around the particularities of a typical small island nation dependent on tourism with which our team is familiar and has connections. Considering the particularities of that destination's primary tourist markets (Taiwan, Japan, So Korea, China)

• 1b). In parallel, seek a preliminary partnering arrangement with that government to conduct a pilot. (Hopefully agreeing, if we design it, and they approve it, they will try it.

• 1c). Research the requirements to use blockchain payments to serve a V.A.T. system.

Step 2. Identify, agree with and contract with an existing Cardano compatible Payment System to integrate the UTPS mobile application. (Actual integration of the mobil dApp with a payment system is a function of cost unknown at this time. Funding of that step is not included in this proposal).

Why use an existing ADA Compatible Payment System?

• much less costly in effort, time and expense

• Features allowing tourists to purchase ADA in their local currency - avoiding currency exchange costs, both at home and in the destination countr

• integration with a merchant point of sales features (mobile app or physical machine)

• timely settlement capability allowing merchants to receive funds from sales quickly

• ability for tourists to sell unused ADA to others or to convert into their preferred currency or use unused ADA to earn interest.

Step 3. Customise the mobile dApp to be host nation Government branded. Attempt to apply and obtain listing on Apple and Android stores.

Step 4. Demonstrate the system to the host Government decision-makers and obtain their approval.

• Identify and reach agreement with in-country implementation partners (Banks, Internet service providers, major hotels).
• Finalise implementation budget.
• Seek and agree with in-country marketing partners.
• Seek advertisers for listing on the app.

Step 5. Discuss use of the system with tour industry organisations.

• Government incentivises beta testers to use ADA to settle on-shore payments by awarding discounts or premiums or special privileges. Perhaps in cooperation with a tour company, a few hotels, shops or popular restaurants.

Step 6. Government reaches firm decision to implement visa and integrate with V.A.T. system

• Creates the UTPS management and marketing teams

Step 7. Government announces as schedule for the mandate visitors to pre-purchase ADA small amount of ADA (equivalent to the current visa fee ~$100 currently payable on arrival in the country.)

Step 8. Evaluate the trial. Refine. Approve. Inform major DMC's and Travel Agents in originating countries.

Step 9. Implementation begins with a change in visitor visa regulations.

===============

Road Map:

The Republic of Palau has targeted January 2023 to convert its national taxation regime from a Gross Receipts Tax to a VAT tax system. Thus the overall Roadmap should allow implementation and deliverables to be completed during 2022.

=========

Funded part of the Action Plan

• Months 1-3

• Complete steps 1, 2, 3 explained above

• Months 4 - 6

• Complete steps 4, 5 explained above

=========

Unfunded part of the Action Plan

• Months 7 - 12

• Complete steps 6, 7 explained above

• Months 13 - 18

• Complete steps 8, 9

===============

Key Performance Indicators:

Post Funding

• Finalisation of Overall Project Definition, Scope, Plan and Work Breakdown Structure.
• Creation of overall Project Implementation Plan.
• Identify and seek agreement with an appropriate Cardano Compatible Payment System.
• Introductory presentation for the Government of Palau seeking agreement to participate in Proof of Concept.
• Contract with a mobile application front end developer for four user interfaces.
• Prepare formal presentation for Government of Palau.
• Continuing discussions with Government of Palau for 6 months from Project initiation.

===============

Skills Required

1). Deep understanding of the host nation community, economy, institutions and the particulars of tourism in that nation.

2). Understanding of Payment systems (from system architecture perspective)

3). Understanding of Value Added Tax systems

3). Abilities related to mobile decentralised application and database development.

4). Presentation design and selling skills

5). Vision and Passion

6). Individual host nation champions / advocates.

7). Knowledge of Cardano ecosystem, present and planned.

8). Ability to fund unexpected or unplanned events or setbacks.

9). Demonstrated commitment and circumstances allowing 100% dedication to project completion.

10). Project planning, management and reporting skills.

11). Recruiting skills.

12). Teaming and Leadership skills.

===============

Budget Breakdown

Period of Project Completion (Three months to design, develop & deliver proposal to test case)

Funded Portion Steps 1 - 5 (See Action Plan)

Proposal Managing Partner (Part time) - $2,000 per month x 6 months

Hotel Industry Expert (Part time) - $2,000 per month x 6 Months

Payment Industry Expert (Part time) - $2,000 per month x 6 months

East Asia Expert (Part Time) - $2,000 per month x 6 months

Mobile Application Development (Outsource) $20,000 lump sum

Video Presentations (Professional Talent and Recording Studios) $10,000

Travel - $0

Total funding requested $78,000

===============

Similar Implementation

This solution will not be the first of its kind ever implemented. There is a much larger example.

1). ESTA

This proposal draws on, in principle, the concept of visa-related pre-approval process for visitors.

Under the Homeland Security Program, the United States requires all persons intending to enter that country on the visa waiver (visa-on-arrival) program to obtain permission before travel called Electronic System for Travel Authorization (ESTA). In force since 2009, and accepted without serious, if any international complaint. Information about that program can be seen in documents linked here.

https://drive.google.com/file/d/1TC1zReOosp1lGCAm_19LnDdvIZUKAfr5/view?usp=sharing

https://drive.google.com/file/d/1V-Odzu5l5ieWbxej98VYdwhws_gXPmGD/view?usp=sharing

<https://drive.google.com/file/d/1xMQiv3Q7u3AIJtG3d2mimCTMczKpeoiB/view?usp=sharing>

<https://drive.google.com/file/d/1B2jialxw0GA-EiDmJyu6VeOiJlnUsDUw/view?usp=sharing>

1a). Similarities:

• Prospective travellers are responsible, on their own, to apply for and obtain permission to travel to the USA at least 48 hours before travelling
• ESTA approval is valid for more than one visit (within a multi-year period)
• Prospective travellers must pay a one-time fixed fee for applying and receive permission to travel.
• When presenting themselves at immigration they must demonstrate proof of ESTA
• Airlines flying to the USA are required to confirm that passengers either have an entry visa or an ESTA clearance at time of check-in for their flights.

The differences would include

• this program is operated via an app and a branded wallet rather than a central server database-driven website
• payment can be made in a variety of currencies, not only USD
• data collected is recorded on a blockchain, not stored in a central server based database
• this program requires purchase of ADA rather than payment by USD
• the amount of ADA that the traveller is required to purchase varies, according to the date of the traveller's return flight (the number of days up to 30 - the length of the visitor's visa) rather than a fixed fee.
• on departure from the country, unused ADA can be exchanged (sold) for fiat currency, or held for interest bearing staking

Ancillary benefits include

• merchants transacting in ADAPay are able to track and reliably demonstrate business receipts in support of loan applications
• the burden on business is light, in comparison to the benefits to the economy and Government
• small island destinations must consider competitiveness. Payment systems are an emerging dimension of differentiating
• the mechanism for tracking payments (using a cryptocurrency) makes transfer pricing much more visible.

"Payment innovation becomes a key differentiator

Innovation in payments will soon become a key differentiator amongst travel companies. Especially since online behemoths continually raise the stakes. One example is Airbnb's launch of its Pay Less Up Front feature, which allows guests to pay for bookings in two instalments, making the buying and payment more accessible.

Consumers' expectations will continue to grow and those travel businesses that can offer them a flexible, fast and easy payments experience, while having B2B payment processes in place to support it, are sure to gain market share. They should therefore be making it a priority to expand their payment options in the front-end to drive conversion and enhance customer experience."

Source: <https://www.paymenteye.com/2018/04/12/alipay-paytm-and-now-whatsapp-how-travel-firms-can-keep-up-with-burgeoning-consumer-payments/>

4). Bardados - Another small island nation dependent on tourism made a move to employ digital ledger technologies to grow GDP.

"The Barbadian Ministry of Foreign Affairs and Foreign Trade signed an agreement on Sunday with Decentraland, among the largest and most popular crypto-powered digital worlds, for the establishment of a digital embassy. Per a press release provided to CoinDesk, the government is also finalizing agreements with "Somnium Space, SuperWorld and other Metaverse platforms."

The various projects will be assisting with identifying and purchasing land, architecting the virtual embassies and consulates, developing facilities to provide services such as "e-visas" and constructing a "teleporter" that will allow users to transport their avatars between the various worlds."

Source: https://www.coindesk.com/business/2021/11/15/barbados-to-become-first-sovereign-nation-with-an-embassy-in-the-metaverse/

https://www.wsj.com/articles/metaverse-real-estate-piles-up-record-sales-in-sandbox-and-other-virtual-realms-11638268380

5), Centi.ch - Events payment system built on BitconSV has been in the market since Q1 2020. The elements of that system match very closely to what this proposal envisions. See presentation attached.

Related Information

1.4 Gross Revenue Tax (Example of Small Island Tax Regime - completely dependent on self reporting)

"Palau is one of the lowest taxed business environments in the Asia-Pacific region. There is no corporate tax nor is there any taxation of income for business owners. Instead, Palau has enacted a Unified Tax Act, which is codified at Division 2 of Title 40 of the Palau National Code. Under the Act, the national government levies three general types of taxes. The principal form of tax is the Gross Revenue Tax (GRT) of 4%, which applies to all businesses operating in the islands, however; no tax is payable where annual gross revenue is $2,000 or less. The GRT essentially applies to all revenue you may receive, whether in the form of cash or property, from sources other than wages and salaries from which your employer has withheld the wages and salary tax."

Source: https://www.pacificsbdc.com/sites/default/files/2014-Republic-of-Palau-Business-Resource-Guide.pdf

"According to Nielsen Report's 2018 Trends for Mobile Payment in Chinese Outbound Tourism, 94% of Chinese tourists said they would pay with their phones if the method becomes more widely adopted overseas; 93% said using that method would likely increase their spending."

"According to a Taiwanese internet survey, almost 58 percent of respondents who used mobile payment methods said they used LINEPay, followed by 42 percent who used Apple Pay. About 27.2 percent of females and 24.3 percent of males in Taiwan used mobile payment methods as of August 2020."

• Source: https://www.statista.com/statistics/1134038/taiwan-most-used-mobile-payment-apps/

"According to the Bank of Korea, only about 20% of financial transactions in Korea are made with cash. Between credit card, debit cards and the popular T-money cards, the South Korean central bank has an ambitious goal of being cashless by 2020."

"South Korea uses the T-money card to streamline payments for buses, taxis and the subway. They recently extended those payments for retail and restaurants, making it the most popular way to pay your way in South Korea.

Like a debit card, it's connected to your bank and makes automatic withdrawals each time you make a payment. You can use the T-money card on your smartphone, making payments as easy as a tap of your phone.

From 2016–2018. South Korea is promoting travel with it's Korea Tour Card. For less than $4, it's offered to tourists for all the benefits of the T-money card, but with additional discounts to tourist attractions and shopping."

• Source: https://www.finder.com/travel-money/south-korea

"When the buyer has completed the payment, the amount will be allocated to a partner settlement bank for currency exchange. After collecting payment from the buyers' account instantly, WeChat Pay will buy foreign currency in T+1 day according to the spot rate that the settlement bank provides. When vendors' turnover accumulates to 800 USD (lower limit), we will transfer payments to the receiving bank account of vendors immediately."

WeChat Pay will pay the remittance fee for the settlement banks. WeChat Pay is not responsible for any fee charged by the intermediary or receiving bank."

• Source: https://pay.weixin.qq.com/wechatpay_guide/help_faq.shtml

"Pre-pandemic China led the world in spending on global tourism, according to the United Nations World Tourism Organization. In 2019, Chinese tourists spent $254.6 billion, which is nearly one-fifth of total international tourism spending."

Source: <https://www.protocol.com/sponsored-content/the-new-wave-of-global-trade-how-alipay-connects-us-businesses-with-chinese-consumers?rebelltitem=2#rebelltitem2>

<https://theecologist.org/2019/jan/18/impacts-eco-tourism>