SEOUL, Aug. 14 (Korea Bizwire) – Paynow Plus offered by LG Uplus seems to lead the online payment service market.
On August 13, LG Uplus announced that it launched a new online payment service, which met the strict standards set by the Financial Supervisory Service in terms of authentication and payment processes, security and safety, and information protection.
As the need for a new e-commerce payment system is rising in the midst of the phasing out of ActiveX software and an authentication program provided by local financial institutions, South Koreans can now use a safer payment tools through the company’s new online payment service.
Once users download its application and enter their payment information without installing ActiveX and authentication programs, the new system let them make online and mobile payment easily, which takes only 3 seconds. In addition, it is safe from credit card information breaches since the service makes its own virtual card numbers instead of real card numbers. Customers can also choose one of various authentication methods in the service.
The new payment system service provides five authentication methods: dementor graphical authentication, ARS authentication, safe pattern authentication, password authentication and mOTP authentication.
“With various safe authentication methods, we can contribute to reducing problems caused by phishing or e-commerce crimes,” Kang Mun-seok, an LG Uplus vice president, confidently said.
As of August, the service is available in about 100,000 online stores, which is the largest in Korea. By the end of 2014, more than 150,000 online stores will offer the new payment service.
The service is offered by LG Uplus partners with Smart Wallet, a mobile wallet service. It also partners with Biz Paynow, a mobile payment terminal to offer customers an offline payment service.
“Paynow Plus is a convenient but safe service fit for the current domestic payment environment,” Mr. Kang said. “We are optimistic about the future as we have our own long-accumulated expertise in the market,” he added.
By Veronica Huh (email@example.com)