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Electronic Payments in S. Korea Surge in Q2

Electronic Payments in S. Korea Surge in Q2

SEOUL, Sept. 20 (Korea Bizwire) — The amount of payments made electronically in South Korea continued to rally in the second quarter as a growing number of people use mobile shopping and remittance services, central bank data showed Thursday. The daily average amount of electronic financial transactions came to a record 117.4 billion won (US$104.87 [...]

Most Websites, O2O Apps Vulnerable to Security Breaches: Data

Most Websites, O2O Apps Vulnerable to Security Breaches: Data

SEOUL, Sept. 20 (Korea Bizwire) — Most websites that collect personal data, online-to-offline (O2O) apps, and Internet of Things (IoT) gadgets are vulnerable to security breaches, data showed Thursday. According to the data by the Korea Internet & Security Agency (KISA) and submitted to the National Assembly, 97 percent of the 13 websites, 19 O2Os [...]

New Malware Targets Shoppers Making Purchases from Overseas Websites

New Malware Targets Shoppers Making Purchases from Overseas Websites

SEOUL, Sept. 5 (Korea Bizwire) — A new type of malware that targets shoppers making purchases directly from overseas websites has surfaced recently, requiring shoppers to be savvier about shopping online, especially from foreign websites. AhnLab, Inc., a security software provider founded in 1995, revealed today that it had discovered malware that was distributed disguised [...]

S. Korean Retailers Expand Partnership with Chinese Mobile Payment Platforms

S. Korean Retailers Expand Partnership with Chinese Mobile Payment Platforms

SEOUL, Aug. 30 (Korea Bizwire) — South Korean retailers are increasingly joining hands with Chinese mobile payment platforms to attract more Chinese visitors as they strive to recover from the fallout from a diplomatic row between Seoul and Beijing, industry sources said Thursday. Shinsegae DF Inc. said it has adopted UnionPay’s QR code payment system [...]

Samsung Pay Most Popular Android Payment App in S. Korea

Samsung Pay Most Popular Android Payment App in S. Korea

SEOUL, Aug. 14 (Korea Bizwire) — Samsung Electronics Co.’s mobile payment system, Samsung Pay, boasted 8.86 million users in July in South Korea, making it the most popular Android-based financial app, data showed Tuesday. According to the data compiled by industry tracker WiseApp, Samsung Pay saw its number of users move up 53 percent from [...]

New Smartphone Payment System: “A Single Tap is All You Need”

New Smartphone Payment System: “A Single Tap is All You Need”

SEOUL, Jul. 31 (Korea Bizwire) – JUSTOUCH, a new payment system based on near-field communication (NFC), is set to initiate services on August 1 with seven out of eight Korean credit companies offering the new system as a payment option for consumers. According to industry insiders, consumers will be able to make payments with JUSTOUCH [...]

Central Bank to Develop Settlement Service to Expand Mobile Cash Card Payment

Central Bank to Develop Settlement Service to Expand Mobile Cash Card Payment

SEOUL, Jul. 31 (Korea Bizwire) — The South Korean central bank said Tuesday that it will adopt a new mobile cash card settlement service starting next year in a bid to expand simplified mobile payments in the country. A council on financial information by the Bank of Korea (BOK) and local banks decided to develop [...]

Credit Card Companies Pay Close Attention to the Launch of “Seoul Pay”

Credit Card Companies Pay Close Attention to the Launch of “Seoul Pay”

SEOUL, Jul. 26 (Korea Bizwire) — Credit card companies are on high alert after the launch of a new payment system by the city of Seoul that allows small business owners and their customers to make monetary transactions without any fees. Yesterday, the Seoul Metropolitan Government announced the launch of “Seoul Pay,” a zero transaction [...]

Open-Source Software as Easy Target for Hackers

Open-Source Software as Easy Target for Hackers

SEOUL, Jul. 5 (Korea Bizwire) – Software freely available to the public has become a new target for hackers. SK Infosec, an information security company, held a press conference yesterday in central Seoul to disclose that 43 percent of the software vulnerabilities found in the first half of the year involved open-source software. The company [...]