Korea’s central bank to build bank account-based mobile payments settlement system

Central bank to develop settlement service to expand mobile cash card payment — Yonhap News — “The South Korean central bank said Tuesday that it will adopt a new mobile cash card settlement service starting next year in a bid to expand simplified mobile payments in the country. A council on financial information by the Bank of Korea (BOK) and local banks decided to develop technological standards and a mobile application for the new service that enables sellers to receive money directly from the buyer’s bank account.”

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