Korea’s central bank ‘opposes’ the idea of a digital currency

BOK will not issue digital money — Korea Times — “The Bank of Korea (BOK), the country’s central bank, said Monday it opposes the idea of central bank digital currency (CBDC)… The bank is worrying over concerns that such a sudden launch of the CBDC will cost society a lot and cause a moral hazard. Also, issuing CBDC could destabilize the market order because digital currencies don’t currently constitute money.”


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.”


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%.”




KakaoTalk to add payments

Korean mobile messaging service Kakao is to launch a new payment solution in September, in collaboration with nine credit card firms, that will let its 100 million KakaoTalk customers make payments using only their password... More



Feed for stories about Korea Times.