PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

South Korea Plans Mobile Payments Based on Barcodes, Other Methods

Mercator Advisory Group by Mercator Advisory Group
September 18, 2012
in Analysts Coverage
0
3 Reasons Why Companies Are Investing Exclusively in Cloud P2P - PaymentsJournal
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Even though South Korea as a whole is high on Near Field Communication contactless payments, the reality is that it is still very limited and deployment can be expensive. As an alternative, some telco service companies are planning barcode and phone number-based mobile payments.

From the Korea Herald:

Customers can make debit payments by downloading an app on their smartphones, typing in their account numbers to create a bar code and having a barcode reader at the counter scan it.

If a customer signs up at a website for ARS-based payment and enters his phone number, he will get a phone call before each payment. The money is transferred from his account once he enters his personal identification number through his cell phone.

These type of payments would be settled through debit transactions so merchants can expect lower fees than credit card transactions. Details have yet to be disclosed. South Korea’s Financial Services Commission believes tying the payments through debit transactions can help consumers rely less heavily on credit cards.

Click here to read more from the Korea Herald.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    eCommerce On Social Media, social commerce

    The Rise of Social Commerce and Social Payments

    February 3, 2023
    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix