Korean credit card issuers to roll out biometric payments at convenience stores

Credit card companies to launch ‘finger vein’ payment system — The Korea Times — “Three major card companies — Shinhan, BC, and Hana Card — announced on Sunday that were developing a biometrics payment system that authorizes transactions by scanning fingertips… The companies said the payment method would be available at convenience store chains across the country in October.”


Korean banks to launch blockchain identity platform

Banks plan blockchain ID system — Korea JoongAng Daily — “According to the Korea Federation of Banks (KFB), which represents major commercial banks in Korea, ‘BankSign’, a blockchain-based identity verification program, will officially be launched in July… ‘While BankSign will start off by providing the service in the banking sector, we will work with the government and other public organizations to expand its usage,’ said the KFB spokesperson.”


One in four Koreans now use their phone to make mobile payments

More than quarter of South Koreans use mobile payment services — The Korea Times — “The survey of 2,500 adults, conducted by the Bank of Korea (BOK) between September and October last year, showed that 26.1% of respondents had used a mobile device such as a smartphone or tablet computer for payment services in the previous six months… Online purchasing was the most frequently used service through mobile devices with 86.6%, followed by offline mobile settlement with 34.7% and mobile transportation payment with 21.6%.”


Starbucks rolls out voice ordering and payments in Korea

Starbucks Korea debuts voice ordering through Samsung’s Bixby — Starbucks — “Bixby allows My Starbucks Rewards customers in South Korea to place an order and pay through voice recognition ‘on command’. The feature allows customers to speak just as if they were talking to a barista in-store, including modifying their beverage to meet their personal preference… These features are an extension of Starbucks Siren Order, the company’s mobile order and pay technology, which allows customers in South Korea to order and pay for their purchases before arriving at their store.”


Korea’s capital city plans its own payments cryptocurrency

Mayor Park Won-soon unveils Seoul cryptocurrency ‘S-Coin’ — Coindesk Korea (translation) — “Park Won-soon, mayor of Seoul, said he will create a coin currency called S-coin that can be used in Seoul… He thinks that ‘blockchains can be applied to all administrations in Seoul such as the public transport system operated by Seoul City and the provision of youth allowance.'”



Starbucks to run cashless store pilot in South Korea

Starbucks to test cashless stores in S Korea — Yonhap News — “Starbucks Coffee Korea Co, the local unit of the US coffee giant, said Thursday it will begin a test run of cashless stores at three outlets next month amid rising use of credit card and mobile payment systems… It will mark the second trial for the global coffee giant, following its first cashless store under test run in Seattle.”


Kakao Pay reports 1m users of its blockchain-based mobile identity service

Kakao Pay’s blockchain-based authentication boasts 1m users — Yonhap News — “Users of KakaoTalk, South Korea’s top mobile messenger, can use the authentication service on the mobile messenger without having to download an application. A total of 20 institutions and companies, including insurer AIA Life Korea and the Korea Transportation Safety Authority, use the service, Kakao Pay said, adding that it plans to expand the service.”


Korean card companies to launch joint NFC payments service in bid to combat Chinese QR threat

Korean credit card companies to introduce a joint mobile payment system in March — Business Korea — “Eight domestic credit card firms have completed the development of NFC standard ‘Justouch’ and will jointly promote it by supplying 25,000 readers across the nation by the end of next month… They are concerned about the possibility of Chinese counterparts encroaching on the domestic market if they don’t take action now as mobile payment is very common in China.”




LG Pay to be used for low-budget smartphones next year

LG Pay to be used for low-budget smartphones next year — Korea Herald — “‘We will expand the use of LG Pay into low-budget smartphones alongside premium phones next year,’ Cho Jun-ho, president of LG’s mobile communication division said during a meeting with local bloggers on Friday… Cho said the use of LG Pay will expand into online stores and the global market, although he did not elaborate the specific date.”



KT introduces ‘mother of all credit cards’

KT introduces ‘mother of all credit cards’ — Korea Herald — “Dubbed ‘Clip Card’ the device looks like credit and debit cards issued by financial institutions, but it has a 1.3-inch display on the surface of the card that enables users to register all their cards, which are displayed in barcodes… The KT platform is compatible with all types of credit cards regardless of card companies and financial institutions, and with any operating systems.”


KISA to unveil bio authentication for mobile banking in 2018

KISA to unveil bio authentication for mobile banking in 2018 — Korea Herald — “Korea Internet & Security Agency is developing bio authentication for mobile banking to commercialize it by late 2018… The biometric authentication reads heart rates and electrocardiograms on a user’s smartwatch, which sends the information to his or her smartphone. The smartphone is then unlocked with the user’s fingerprint which enables the use of mobile banking.”





7 in 10 mobile payment users cite security concerns: report

7 in 10 mobile payment users cite security concerns: report — Yonhap News — “Nearly seven out of 10 South Koreans using mobile payment services cited security concerns… According to the report by market researcher DMC Media, 68.8% of the users were satisfied with using financial services via mobile platforms… 88% of the adults had used some sort of mobile payment tool in the past six months, up 8.8% from a survey conducted a year earlier.”



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