Korea shifts to NFC authentication for mobile banking

Accessing mobile banking with NFC authentication

Korean financial institutions are to offer streamlined NFC authentication for mobile banking transactions starting from as soon as the first half of 2015, according to local media reports.

Bank customers currently use dedicated passcode generator devices to access their accounts, but the new system will see them authenticating by simply tapping a contactless bank card to their NFC phone, reports the Arirang news service.