SEOUL, Jul. 18 (Korea Bizwire) — New subscribers to budget phones known as “thrifty phones” in Korea will be able to have their phone services initiated at ATMs installed near convenience stores and subway stations. KT M Mobile, a subsidiary of KT Corp., and Annex Telecom have teamed up with Hyosung TNS to allow users [...]
SEOUL, Dec. 10 (Korea Bizwire) — Samsung Electronics Co.’s mobile payment system is moving to expand into the banking sector to offer more diverse services to users, the South Korean tech giant said Sunday. The company said that starting Thursday, the payment system installed on some of its newer smartphones can be used to carry [...]
SEOUL, Aug. 22 (Korea Bizwire) – The Financial Supervisory Service (FSS) said Monday it has published a guidebook on local finance for English and Indonesian speakers so that they can use full and reliable services in South Korea. The Foreign Residents’ Guide to Personal Banking and Finance in Korea contains information on banking, currency exchange, [...]
SEOUL, Dec. 8 (Korea Bizwire) – The number of cash dispensers (CD) and automated teller machines (ATM) fell for a second straight year in 2015 on growing demand for Internet and mobile banking services, South Korea’s central bank said Thursday. The Bank of Korea said the number of CDs and ATMs across the country came [...]
LEAWOOD, Kan., Oct. 10 (Korea Bizwire) — Euronet Worldwide, Inc. (NASDAQ:EEFT), a leading global electronic payments provider, today announced it has completed the acquisition of U.K.-based ATM operator, YourCash Europe Limited. The acquisition includes approximately 5,000 ATMs across the U.K., Netherlands, Belgium and Ireland. With the addition of YourCash, the combined businesses will operate independent [...]
SEOUL, Sept. 7 (Korea Bizwire) – Starting October 5, Korea will launch its first debit card cashback service at convenience stores. Although a popular practice in a number of western countries, the service has not yet been introduced to Korean consumers. In a nutshell, the service is offered to customers who wish to add a certain [...]
SEOUL, June 20 (Korea Bizwire) – Deposit interest rates have fallen so low that consumers can’t even pay a single ATM fee with their annual interest income, and their distress is compounded by the latest policies from the big banks to increase wire transfer and ATM fees. The annual nominal interest rate for a savings [...]
SEOUL, June 15 (Korea Bizwire) – Thanks to poor net interest margins, which have reached the lowest levels in history, Korean banks are suffering from worsening profitability. According to the Financial Supervisory Service (FSS), the net interest margin for domestic banks in Q1 2016 was 1.55 percent, which was a 0.08 percent decline from Q1 [...]
LEAWOOD, Kan., Jun. 15 (Korea Bizwire) — Euronet Worldwide, Inc. (Nasdaq:EEFT), today announced the addition of three new countries to its portfolio of Independent ATM Deployment (IAD) networks. The new ATMs in Malaysia, Cyprus and Portugal expand Euronet’s position as the world’s fastest growing and most geographically diverse independent ATM deployer. While expanding geographically, Euronet [...]
SEOUL, May 19 (Korea Bizwire) — Korean banks are decreasing the number of their ATMs around the nation to compensate for losses they have been facing due to a recent drop in net interest margins. According to industry representatives on May 17, the number of ATMs at 6 major Korean banks, KB Kookmin, Shinhan, Hana, [...]