News about the NFC market in Korea — trials, pilots, tests and live services.
September 29th, 2015
Chinese e-commerce giant Alibaba and its affiliate Ant Financial are to make a “strategic investment” believed to be worth some US$680m in Indian mobile payment platform Paytm through an agreement with its parent company One97 Communications….
September 28th, 2015
Samsung Pay has launched in the US today after going live in Korea in August 2015, where it racked up a total 1.5m transactions in its first month. It launches with support from American Express, Bank of America, Citi, US Bank, MasterCard and Visa, with mobile network operators Sprint, US Cellular, AT&T and T-Mobile on board. Verizon Wireless has yet to announce its support.
September 24th, 2015
Chinese customers of fast food chain McDonald’s will soon be able to use Ant Financial’s Alipay QR code mobile payment platform to pay for their food and drink in more than 2,100 restaurants. The roll-out…
September 24th, 2015
More than US$30m has been spent through Samsung Pay since the mobile payment service’s launch in Korea one month ago, Samsung has revealed. In total, more than 1.5m transactions were conducted, of which 60% took…
September 17th, 2015
Samsung Pay has signed up more than 500,000 users since its introduction in Korea in August 2015. “If this trend continues, it seems to be only a matter of time to surpass 1m subscribers in 1 to 2 months,” Business Korea reports. “Both the ICT industry and Samsung Electronics are apparently surprised.” The company is expected to launch Samsung Pay across the US later this month.
September 3rd, 2015
Samsung’s fashion division is to showcase a smart suit equipped with an NFC chip in its sleeve at IFA 2015 in Berlin, Germany. The item from Samsung C&T Fashion Group will be one of four on show over the next week as the company unveils its platform brand for wearables which aims to integrate fashion design and technology.
August 26th, 2015
More than 80,000 credit or debit cards have been registered on Samsung Pay in Korea since its launch last week. “More than 10,000 cards were registered on August 20,” Business Korea reports. “About 80,000 cards are believed to have been registered as of August 24. Observers say around 20,000 credit or check cards issued by large credit companies have registered.”
August 14th, 2015
Samsung Pay will launch in Korea on 20 August and in the US on 28 September, the handset maker confirmed as it announced two new flagship devices in New York yesterday. “Samsung plans to roll out the service in the UK, Spain and China as well,” the company says of its fingerprint-secured NFC- and MST-based mobile payment offering. “Select US users of Galaxy S6, S6 Edge, S6 Edge+ and Note 5 will be able to participate in a beta trial from 25 August ahead of the 28 September launch.”
August 12th, 2015
South Korean smart card provider Kona I has unveiled Kona Pay, a platform that allows banks and credit card firms to develop mobile payment services based on NFC, QR and barcodes. “Different from Apple Pay and Samsung Pay, card issuers can have tailored services for their payment systems built upon Kona Pay,” Korea Herald reports CEO Cho Chung-il as saying.
August 12th, 2015
Korean mobile network operator LG U+ will issue UnionPay mobile credit cards and payment services in China, in partnership with KB Kookmin Card, from next month. “The telecoms operator is about to obtain approval from the People’s Bank of China,” Business Korea reports. “The users can use NFC-based mobile credit card payments at five million UnionPay terminals in China.”
August 10th, 2015
Korean card issuers will adopt biometric recognition solutions from September following clearing from the Financial Services Commission. “BC Card is the first local financial institution to launch a biometric recognition and settlement service next month using a fingerprint scanning system,” Korea Bizwire reports. “Shinhan Bank is preparing to introduce a vein pattern recognition system, while Industrial Bank of Korea (IBK) is focusing on iris technology.”
August 4th, 2015
Samsung Pay is reportedly set to start a second round of beta testing in Korea with Samsung Card this Friday. BC Card is also expected to test the service from August 20. “They both will receive feedback from the participants of the test runs and share the results with the tech giant to improve the payment system,” The Korea Herald reports. Samsung kicked off its first beta testing round in Korea last month.
July 17th, 2015
Samsung has confirmed it began testing Samsung Pay with Korean credit card firm Samsung Card on July 15 for select customers in Korea. “Users of the Galaxy S6 and S6 Edge are the first to have access to Samsung Pay,” Samsung says. Rumours surfaced about the plans to trial the mobile payment solution earlier this month.
July 9th, 2015
Apple faces challenges in introducing Apple Pay in Korea after failing to “coordinate different opinions” over transaction fees with local credit card companies, including Shinhan Card, Hyundai Card and KB Card. “There is a big difference in technical issues as well, including fingerprint recognition,” Business Korea reports. The news follows reports that Samsung Pay entered beta testing in Korea this week.
July 7th, 2015
Korean credit card firm Samsung Card is recruiting beta testers for Samsung Pay to pilot the mobile payments service in “various major offline member stores” from July 15 to August 20, Korea Bizwire reports. Eight Korean card companies have been “thoroughly testing” Samsung Pay, according to Android Authority, to ensure it is ready for public launch in Korea and the US in September 2015.
July 3rd, 2015
Apple has reportedly held meetings with Korean financial institutions, including Hana Financial Group, as it looks to launch Apple Pay in the country. “We recently had a private meeting with Apple, and there are some problems that need to be solved,” a card company executive told ET News, adding that issues around tokenization and “commission problems” need to be addressed.
June 25th, 2015
Korean internet portal Naver has launched its mobile payments platform Naver Pay following an unveiling in March. “Naver said it has partnered with 14 local banks and credit card firms to provide the payment service and plans to add more,” Korea Herald reports. “Naver currently has 53,000 member stores that are contracted to provide customers with Naver Pay.”
June 1st, 2015
LG’s next flagship smartphone, the LG G5, will reportedly come equipped with an iris scanner and recognition technology developed by Korea-based biometrics provider Irience. “It is expected that the iris scanner will enable LG G5 users to use a wide variety of biometric technologies on the market,” Whowired Korea reports. “In particular, the feature will strengthen the security in the mobile banking transactions.”
April 10th, 2015
Consumers could be able to authenticate themselves using brain wave and heart beat bio-signals from as soon as February 2018. The Korea Internet & Security Agency is to develop standards for the next-generation biometric technologies, and has set up a research committee which includes university hospitals and leaders from the telecommunications and biometrics industries, WhowiredKorea reports.
March 18th, 2015
Korean internet portal Naver is to introduce a mobile payments platform from June that will let users verify themselves using fingerprint recognition and make payments using their Naver ID, a password, the mobile number of the recipient and either a credit or debit card. “It has tied up with five credit card firms, including BC Card Co and Samsung Card Co, and is in talks with five major local banks to forge the partnership to provide Naver Pay,” Yonhap reports.