News about Business Korea.
September 13th, 2016
A group of South Korean financial services providers are following in the footsteps of four Australian banks by preparing to take action against Apple in a bid to pressurise the technology giant into opening up…
June 20th, 2016
LG U+ is to release a new service in August that uses biometric authentication for mobile shopping and banking transactions based on the storage of “personal biometric information in universal subscriber identity modules (USIMs),” according to Business Korea. “The platform is to be used for combination of users’ biometric information, such as fingerprint data and iris data, with the mobile carrier’s subscriber and billing information so that one-stop authentication can become possible,” the publication reports. The service will make use of Fido standards.
November 9th, 2015
Korean startup Hankook NFC has reportedly applied for a patent for a hardware module that would allow consumers to use Samsung Pay to transfer money between devices and pay with a credit card. “Once the module is installed, smartphones can be used as mobile credit card payment terminals,” Business Korea reports. “When you order some food for delivery or go to a gas station, you can pay for food or gas with your smartphone without any wireless credit card payment devices.”
October 26th, 2015
The number of Koreans using Samsung Pay has doubled in the last month to one million and 100,000 payments are now being made using the service every day, Business Korea reports. “Cumulative payments exceeded 100 billion won (US$88 million). Likewise, daily average payments increased from approximately 800 million won (US$705,192) to over 2 billion won (US$1.8 million) between the early stage of the service and recent days.”
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.
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 6th, 2015
LG Electronics has reportedly partnered with Google to launch Android Pay on its next Google Nexus phone, expected to become available in October. “The Nexus phone is a trial product featuring the latest version of Android OS,” Business Korea reports. Google unveiled the NFC mobile payments platform during its Google I/O 2015 keynote in May.
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.
March 9th, 2015
No fees will be charged by Samsung to card issuers making use of its new Samsung Pay service in Korea, Business Korea reports, “to help dominate the rapidly-growing mobile payments market”. Samsung’s revenue plan for the US “is still unknown”, the report adds, “but an industry source said that the company is unlikely to charge fees in the US in light of its decision in Korea”.
September 23rd, 2014
Samsung is working on a smartwatch that will include biometric verification and support for PayPal payments and location-based offers, reports Business Korea. The device is set to include a fingerprint sensor and could launch at Mobile World Congress 2015.