SEOUL, Sept. 19 (Korea Bizwire) — Mobile payment platform provider Kakao Pay said Wednesday that the total value of its monthly transactions is forecast to surpass 2 trillion won (US$1.78 billion) this month for the first time since its launch. More than 1.8 trillion won worth of payments was made though the one-click payment system [...]
SEOUL, Sept. 18 (Korea Bizwire) — The financial regulator said Tuesday it will help people retrieve money mistakenly sent to wrong bank accounts. The move came as the number of erroneous transactions has been on the rise with more people using their smartphones for money transfers. If a person sends money to a wrong account, [...]
SEOUL, Aug. 8 (Korea Bizwire) — Prospects for Internet-only banks’ expansion received a major boost as President Moon Jae-in pledged to ease some regulations that ban nonfinancial companies from owning more than a 4 percent stake in a lender. Moon reversed his campaign pledge to keep the regulations intact Tuesday as he attended a meeting [...]
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, Dec. 7 (Korea Bizwire) – Internet-only banks like K Bank and Kakao Bank are rated higher in consumer satisfaction than online banking services provided by traditional financial institutions, but trust issues with the online services remain. Consumer satisfaction with internet-only banks was higher in six categories, among them bank fees and interest rates, compared [...]
SEOUL, Jul. 14 (Korea Bizwire) — Convenience stores are emerging as the darling of South Korean lenders that are trying to cope with rising costs amid the fast-changing business environment centered on growth in online and mobile banking services. At the forefront of such a move are Internet-only banks such as K-Bank, which have no [...]
SEOUL, June 2 (Korea Bizwire) – Samsung Electronics Co. said Friday it has reached an agreement with three local banks to allow users to use banking services via its voice command program, Bixby. The South Korean tech giant said under the project with Shinhan Bank, Woori Bank and KEB Hana Bank, users can ask the [...]
SEOUL, May 23 (Korea Bizwire) – South Korea has trumped other Asian Pacific countries in terms of mobile financial service usage, a report showed Monday. Users in South Korea had over 7 billion sessions in banking apps in 2016, which was nearly four times as many compared to Australians, according to the latest report by [...]
SEOUL, April 13 (Korea Bizwire) – Last year, South Korea’s banking industry saw its employee count drop by 2,248 to 114,775, and 175 bank branches closed down – the biggest drop ever – with the number of ATMs falling to 48,474 from 51,115. The trends are reflective of the inevitable prevalence of internet banking. Bank [...]
SEOUL, March 28 (Korea Bizwire) – Banks in South Korea sharply downsized their headcounts, branches and automated instruments in 2016 to cut costs amid rapid growth in mobile and Internet banking, government data showed Tuesday. The combined workforce of lenders operating in the country stood at 114,775 as of the end of last year, down [...]