SEOUL, Aug. 14 (Korea Bizwire) – Kakao Pay, a leading digital payment service in South Korea, announced on Wednesday that it has ceased sharing user information with Alipay since mid-May, following a controversial breach involving the unauthorized disclosure of personal credit data. In a statement, Kakao Pay revealed that the suspension of information sharing began on [...]
SEOUL, Aug. 13 (Korea Bizwire) — Kakaopay Corp. has provided credit information of its users to China’s Alipay without the required customer consent, the financial regulator said Tuesday, an allegation quickly dismissed by the South Korean platform. The Financial Supervisory Service (FSS) said its inspection of South Korea’s leading mobile payment platform in April and [...]
SEOUL, Jun. 14 (Korea Bizwire) – LY Corp., the operator of popular mobile messenger Line, has announced its plan to terminate its Line Pay service in Japan next year, amid criticism over Japan’s apparent pressure to shed Naver Corp., South Korea’s biggest internet portal operator, from LY. LY, a 50-50 joint venture between Japan’s SoftBank and [...]
SEOUL, May 27 (Korea Bizwire) – The South Korean Ministry of Land, Infrastructure and Transport has announced plans to launch a pilot program for a new “smart toll” system on the nation’s highways, an initiative launched in collaboration with the Korea Expressway Corporation. The trial, slated to commence on May 28 for a one-year period, aims [...]
SEOUL, May 17 (Korea Bizwire) – Samsung Electronics announced on May 16 that it is introducing a ‘Gift Funding’ campaign to cater to consumers who desire practical gifts for special occasions. Building upon last year’s successful ‘Bespoke Wedding Funding’ initiative targeted at engaged couples, the company has expanded the scope to encompass a broader range of [...]
SEOUL, Apr. 26 (Korea Bizwire) – A groundbreaking new labeling technology that prevents forgery and counterfeiting by engraving information instead of using adhesive stickers has been developed by a team of researchers in South Korea, according to an announcement by the Ministry of Science and ICT. The research, led by professor Rho Junsuk of the Pohang [...]
SEOUL, Mar. 11 (Korea Bizwire) — Smartphone users have been increasingly expanding their use of mobile cash cards on the back of more diversified access to banking services, the central bank said Monday. According to the Bank of Korea, the daily use of mobile cash cards for deposits and withdrawals averaged 536 cases through February [...]
SEOUL, Jan. 26 (Korea Bizwire) — Hyundai Card is drawing attention for its innovative use of Non-Fungible Token (NFT) tickets to preemptively block scalping at the upcoming Jang Beom-June concert sponsored by the card company. The concert is scheduled to take place next month at Understage in Hannam-dong, Yongsan-gu, Seoul. Announced by Hyundai Card on January [...]
SEOUL, Jan. 11 (Korea Bizwire) – KakaoPay, South Korea’s popular payment platform, has witnessed an astonishing 14-fold increase in transactions made by foreign tourists within a year. This surge is attributed to the rise in international visitors in the post-COVID era and the expansion of KakaoPay-affiliated merchants linked to foreign fintech (payment) services. According to the [...]
SEOUL, July 20 (Korea Bizwire) — Samsung Electronics Co. announced on Wednesday that it has decided not to charge commissions for its digital payment service Samsung Pay, and will renew contracts with local credit card companies. Since its launch in South Korea in 2015, Samsung Pay has continued to renew operational contracts with card firms. [...]