SEOUL, Oct. 26 (Korea Bizwire) — PayPal Holdings, Inc., the multinational operator of an online payment system, was ordered to pay over 900 million won (US$663,863) in fines Thursday for a personal data breach involving some 23,000 customers. The Personal Information Protection Commission decided to impose combined fines of 922 million won on the Singapore-based [...]
SEOUL, June 29 (Korea Bizwire) – South Korea’s top Internet portal operator Naver Corp. said Wednesday that the user count of its mobile payment tool, Naver Pay, has topped 11 million a year after its launch, as more smartphone users opt to use it to make e-commerce purchases. A total of 11 million active users [...]
SEOUL, Jun. 21 (Korea Bizwire) – South Korea’s top mobile messenger operator Kakao Corp. said Monday its mobile payment platform Kakao Pay currently has more than 10 million users, roughly 19 months after its launch in the country. Introduced in September 2014 and similar to the world-famous PayPal, users pre-register their credit and debit cards, [...]
SEOUL, Oct. 25 (Korea Bizwire) – An increasing number of global companies try to jump on the “Fintech” bandwagon. Fintech, a compound word between finance and technology, encompasses services such as mobile payment, mobile money transfer, crowd funding and the like. Investment volume on fintech skyrocketed by three-folds only in five years. According to management [...]
SEOUL, Oct. 22 (Korea Bizwire) – Apple Inc. is looking into the possibility of moving in to Korea’s electronic payment market, according to sources and reports knowledgeable on the issue. In a situation where the entry barriers to electronic payment market have been lowered substantially after the abolition of the mandatory public key authentication scheme and [...]
SEOUL, Oct. 8 (Korea Bizwire) – Recently the so-called “fintech” has been in vogue. A compound word between finance and technology, fintech encompasses services such as mobile payment, mobile money transfer, crowd funding, and the like. The main reason the word fintech has become more familiar with us is services like KakaoPay by Kakao Inc. and [...]
SEOUL, Aug. 31 (Korea Bizwire) – It was reported that e-commerce transactions is possible only by typing in one’s username and password as early as late September or as late as early October, as currently available with two e-commerce platform providers: PayPal, an international e-commerce business allowing Internet payments and money transfers, and Alipay, a [...]
SEOUL, Aug. 2 (Korea Bizwire) – While Kakao is scheduled to offer an online credit card payment service next month, it is considering an “Uber-like” call taxi service as well. From September, Kakao, the operator of Korea’s largest mobile messenger service, will begin providing credit card online payment service in partnership with nine card companies including [...]
SEOUL, Korea, April 10 (Korea Bizwire) – What could be a potential archrival of a financial company? Usually, it could be other competing financial companies. In Korea, however, diversified market environment changed the notion. Can you imagine that a financial company is competing with a coffee chain or an Internet company? It happens, though. As [...]