SEOUL, Jan. 23 (Korea Bizwire) — KakaoPay Corp., a South Korean mobile payment platform, surpassed 20 trillion won (US$17.6 billion) in annual transactions last year for the very first time since its launch in September 2014. Transaction volume jumped by more than five times compared to the previous year (US$3.35 billion). Analysts say that KakaoPay [...]
SEOUL, Dec. 20 (Korea Bizwire) — A new smartphone-based payment service, aimed at relieving small business owners of the burden of settlement costs, was launched on a trial basis in Seoul on Thursday. The Seoul Metropolitan Government said it began the trial service of the “Zero Pay” service ahead of its formal launching after March [...]
SEOUL, Dec. 18 (Korea Bizwire) – South Koreans use online banking services more than 100 million times a day via computers or smartphones, exceeding 53 trillion won (US$46.9 billion) in transactions, as an increasing number of customers are going online to check bank statements, wire cash, and get a loan. The Korea Institute of Finance [...]
SEOUL, Dec. 4 (Korea Bizwire) — Kakao Pay announced on Monday that it will be adding a ‘sprinkle’ service using its money-wiring function. The ‘sprinkle’ service allows a user to share a certain amount of money with their friends in a KakaoTalk chatroom. The user first selects the number of recipients and the amount of [...]
SEOUL, Dec. 4 (Korea Bizwire) — More than 60,000 member stores of popular franchises across South Korea will be participating in the new government-led Zero Pay program. The Seoul Metropolitan Government, Ministry of SMEs and Startups, Busan Metropolitan Government, and South Gyeongsang Provincial Office signed an agreement with 26 franchises on Monday to implement the [...]
SEOUL, Nov. 20 (Korea Bizwire) — Mobile payments at South Korean convenience stores have more than doubled this year thanks to the greater use of smartphones and the expansion of mobile settlement services, a market player said Tuesday. South Korea’s top convenience store chain CU said the number of so-called easy mobile payments at its [...]
ULSAN, Nov. 15 (Korea Bizwire) — The city of Ulsan and KT Corp. signed a memorandum of understanding on Wednesday to adopt a mobile currency for the city. The two parties agreed to carry out preparatory projects to adopt the local currency, conduct joint studies and research projects, exchange information, and discover innovative ideas that [...]
SEOUL, Nov. 13 (Korea Bizwire) — Samsung Electronics Co.’s payment tool, Samsung Pay, stood as South Korea’s top transaction app in October, data showed Tuesday, with the number of Android-based users rising 58 percent on-year. According to the data compiled by industry tracker WiseApp, Samsung Pay was the most popular financial application for the month, [...]
SEOUL, Oct. 24 (Korea Bizwire) — For the first time in South Korea, the Seoul Metropolitan Government plans to adopt a system in which dynamic QR codes are used to easily pay taxi fares. The city’s plan for a QR code payment standard for taxis will be compatible with various payment methods. Starting in January [...]
SEOUL, Oct. 23 (Korea Bizwire) — Starbucks Coffee Korea Co. is adding 300 more ‘cashless shops’ in addition to the 103 stores currently in operation, starting on Monday. Cashless stores recommend that customers use a means of payment other than cash. The company noted that adding 300 more cashless stores would amount to one-third of [...]