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
Korea Times
SK Telecom and Deutsche Telekom to build blockchain-based digital ID platform
SKT teams up with Deutsche Telekom for blockchain biz — Korea Times — “SK Telecom and Deutsche Telekom’s T-Labs will work together to develop and commercialize blockchain-based mobile identification that can be utilized in various areas including access control, dealings and contracts… The firm said blockchain-based digital identification could also replace identification cards issued by the government such as passports.”
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%.”
Bank of Korea signs up retailers for coinless society trial
The Bank of Korea (BOK) has signed up retailers including CU, 7-Eleven, E-Mart, Lotte Mart and Lotte Department Store to begin trialling a service that will give customers change in the form of a top-up to a prepaid card... More
LG delays launch of LG Pay
LG is to postpone the launch of its LG Pay mobile payments service to the second quarter of this year, the company has told Korea Times... More
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
Korean coffee chain introduces NFC loyalty stamps
Korean coffee shop chain Caffé Bene has become the first merchant to introduce an NFC-based coupon system that provides customers with a loyalty ‘stamp’ each time they visit, Korea Times reports... More
