Bank of Korea to test central bank digital currency
The Bank of Korea (BOK) is to issue and circulate a central bank digital currency (CBDC) in 2021 to test its viability as an alternative to cash and other forms of transaction... More
South Korea
Austrian gin maker authenticates limited-edition bottles with NFC and blockchain
Buyers of a premium limited-edition gin distilled in Austria will be able to verify a bottle’s authenticity and track how many remain available for sale by using their NFC phone to scan a crypto-enabled NFC chip fitted to the label... More
Korean bank to protect mobile banking transactions with quantum cryptography
Transactions conducted by customers using Korean bank DGB Daegu’s IM Bank mobile banking app on a Samsung Galaxy A Quantum 5G smartphone will soon be secured with 5G quantum cryptography technology that generates true random numbers to encrypt one-time passwords and identity verification information... More
Samsung brings its rotating NFC TV to the UK and USA
Samsung’s rotatable Sero TV, which uses NFC to let owners mirror both the content and perspective of their mobile phone, is now available in the UK and the USA... More
South Korea to use QR track and trace apps to combat spread of Covid-19
A new system that requires high-risk locations such as bars and nightclubs to use QR codes to log all customers on entry so that they can be easily traced should the venue later be found to have been a Covid-19 hotspot is to be rolled out across South Korea from 10 June... More
LG pilots face-based digital currency payments in unmanned convenience store
LG CNS is piloting a new payments solution that combines face recognition, a blockchain-based digital currency and AI technology to let shoppers enter an unmanned store, shop and check out — without needing to come into close contact with either employees or POS equipment... More
PayPay to let Japanese merchants accept payments from Korean and Hong Kong mobile wallets
Kakao Pay and AlipayHK to become available at PayPay merchants from April 27, 2020 — PayPay — “Users of code payment services Kakao Pay and AlipayHK, in addition to Alipay, will be able to complete payments using QR codes provided by PayPay merchants anywhere in Japan as of the 27th of April.”
Open banking pilot goes live in Korea
A new open banking system which is set to cut transaction fees by 90% has now entered pilot testing, Korea’s Financial Services Commission (FSC) has announced... More
eMarketer identifies top countries for mobile payments adoption
China remains the country with by far the highest mobile payments adoption rate, with 81.1% of smartphone owners making use of the technology, eMarketer reports... More
Shinhan pilots face recognition payments in Korea
Korea’s Shinhan Card has begun testing Shinhan Face Pay, a face recognition payments system that it is developing with CU convenience stores operator BGF Retail “to identify customers who visit unmanned convenience stores in the future”... More
Visa sets out payments innovation plans for Tokyo 2020 Olympic Games
Visa sets sights on a ‘Cashless Japan’ with one year to go to the Olympic Games Tokyo 2020 — Visa — “At the Rio 2016 Olympic Games, Visa offered a payment-enabled ring to its Team Visa athletes. At the PyeongChang 2018 Olympic Winter Games, Visa commercially sold wearable products, such as gloves and lapel pins, enabled to make payments over contactless payment readers. For Tokyo 2020, Visa is exploring payment innovations ranging from biometric payment authentication and wearables to new mobile applications which will include digitally-issued cards.”
LG Pay goes live in the US with NFC and mag stripe mobile payments
LG has launched its LG Pay mobile payments service in the US, enabling owners of its G8 ThinQ smartphone to make payments via NFC in stores equipped with a contactless POS terminal — and in stores with a magnetic stripe terminal using Wireless Magnetic Communication (WMC)... More
Shinhan to put credit cards on the blockchain
Shinhan Card develops blockchain-based payment system — The Korea Times — “With the patent-winning technology, the card firm has established a blockchain-powered credit transaction process that enables various functions, such as setting a maximum spending limit, paying in monthly installments and completing payments between merchants and consumers… The company is the first in the world to have established a credit transaction service using the new record-keeping technology, it said.”
Samsung partners with Korean banks and carriers to launch blockchain mobile ID platform
Consortium launches blockchain-based digital ID in S Korea — Yonhap News — “A group of major tech companies and financial institutions have joined hands to launch a blockchain-based digital identity platform available on smartphones… Samsung Electronics Co, three mobile carriers — SK Telecom Co, KT Corp and LG Uplus Corp — KEB Hana Bank, Woori Bank and Koscom, an IT subsidiary of the main stock exchange, signed an agreement to jointly develop a mobile application for the digital ID platform.”
Samsung launches TV which uses NFC to mirror vertical content of a phone
Samsung has unveiled a vertical TV which works as a standard TV in horizontal mode but as a mirror of a user’s phone when in vertical mode, thanks to NFC functionality... More
Eight in ten consumers now use mobile payments in South Korea
Convenience and not having to carry physical cash or cards are the two primary reasons behind the mass adoption of mobile payments in South Korea, where a new poll has found that 79.1% of consumers have used a mobile payments service at least once in the past six months... More
Samsung Pay adds support for low-cost international remittances
Samsung Pay starts overseas remittance service in 17 countries — Pulse — “Samsung Pay users can now wire money [internationally] through their mobile phones and save in fees compared to sending money overseas via a conventional remittance route… The beta service will be available in 17 countries including the United States, China, and Japan. The company plans to gradually expand the service to other countries as well as add more partners.”
Korean retailer pilots unmanned convenience store that uses face recognition for entry and payments
GS25 brings facial recognition to new shop — Korea JoongAng Daily — “Most convenience stores without a human cashier use barcodes to identify the products. GS25’s new system instead identifies an item by its packaging and weight. This allows customers to simply place items on the table before paying using facial recognition or a credit card. The company says it takes only about a second for the system to recognize five items at once, whereas with the conventional barcode system it would take 15 seconds to scan them one by one.”
LG to pilot blockchain carrier billing system for international mobile payments in stores
LG U+ to offer blockchain-based overseas payment service — The Korea Herald — “Once the service is launched, LG U+ subscribers will be able to buy things at selected retailers using their mobile phones when they travel to Taiwan and Japan. Far EasTone subscribers will also be able to enjoy the same convenience when traveling to Korea and Japan. The service uses direct carrier billing, enabling transactions to be billed and paid through their carrier in their home currency.”
Samsung Pay adds funds trading service in Korea
Samsung Pay begins funds trading service — Yonhap News — “Fund Online Korea Co said Tuesday it launched services for the trading of investment funds via Samsung Pay, the country’s top mobile payment tool. The service allowed users to shop for a variety of funds at the Samsung Pay platform after a simple process of opening accounts, according to the firm. ‘We are aiming at offering an easy, convenient and accessible investment channel,’ said company official Kim Seung-hyun.”
