SEOUL, Aug. 4 (Korea Bizwire) — As non-face-to-face consumption has become a daily routine following the onset of the COVID-19 pandemic, South Korean consumers are using mobile payment services more than actual debit or credit cards, a poll showed Wednesday. According to an online survey conducted by the Korea Consumer Agency of 1,500 consumers who [...]
SEOUL, Oct. 21 (Korea Bizwire) — North Korea has introduced a payment service that allows people to purchase goods on mobile phones without having to carry around cash or plastic cards, a propaganda outlet said Wednesday. Meari, one of the North’s propaganda websites, said that a joint research team from the central bank and a [...]
GWANGJU, Jan. 30 (Korea Bizwire) — Automated teller machines (ATMs) are increasingly losing ground due to a boost in credit card use and the growing popularity of Internet and mobile banking. Some predict that these automated banking devices, which have drastically changed financial culture, will gradually disappear into history. According to data from Kwangju Bank, [...]
SEOUL, Dec. 4 (Korea Bizwire) — A financial arm of South Korea’s leading portal operator Naver Corp. said Wednesday it has joined a cross-border mobile payment alliance with its Asian partners. The collaboration enables the four companies’ nearly 80 million users to make electronic payments at stores that use Naver Pay, Line Pay and Payco [...]
SEOUL, Oct. 17 (Korea Bizwire) — The value of daily money transfers via mobile payment apps in South Korea surpassed 200 billion won (US$168.6 million) in the first half of the year, central bank data showed Thursday, as more people used smartphones for financial services. The value of daily money transfers via smartphone apps, such [...]
SEOUL, Jul. 23 (Korea Bizwire) — LG Electronics Inc. said Tuesday it has launched a mobile payment service for G8 smartphone users in the United States and plans to expand the number of smartphone models that can use the service in the coming months. Similar to Samsung Pay, LG Pay is more advanced than Google [...]
SEOUL, May 14 (Korea Bizwire) — Samsung Electronics Co. said Tuesday that its mobile payment service has hit 40 trillion won (US$33.7 billion) in accumulated transaction volume in South Korea. Samsung Pay, launched in August 2015, had 2 trillion won worth of transactions in its first year, and surpassed the 40-trillion mark as of the [...]
SEOUL, Feb. 7 (Korea Bizwire) — The government plans to ease a rule on recharging credit at mobile payment platforms as it seeks to promote the financial technology sector, an official said Thursday. Currently, people in South Korea can recharge up to 2 million won (US$1,782) at a mobile payment platform, such as Kakao Pay [...]
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, 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 [...]