Tag: south korea mobile commerce

Mobile payments find a foothold in South Korea

Many consumers are turning to their mobile devices to get their shopping and banking done

Mobile payments have become quite popular in South Korea. The country is home to one of the most expansive mobile Internet infrastructures in the world and many consumers have begun to exploit the Internet speeds they have access to in order to get their shopping done quickly. A new report from the Bank of Korea shows that consumers are beginning to favor their mobile devices when shopping online, largely due to the convenient nature of mobile commerce.

Bank of Korea report shows that one in six consumers turn to mobile payments

According to the report from the Bank of Korea, one in six South Korean consumers have made use of a mobile payments service. The report shows that most consumers make use of these services once to three times a month. Approximately 23% of consumers reported that they use mobile payments services at least once a month, with another 23% reporting that they use these services much more frequently; at least once or twice a week. With more consumers becoming involved in mobile commerce, many businesses may find new opportunities to effectively engage these potential customers.

Demand for secure and reliable services continues to rise in South Korea

Mobile Payments Boost - South KoreaBank of Korea suggests that organizations should improve their mobile banking operations in order to effectively engage consumers on smartphones. In improving these operations, organizations should focus on two aspects of the mobile commerce world: Security and reliability. The demand for reliable mobile payments services and new banking services is growing, creating opportunities for financial service instructions that may result in economic success. Organizations will also have to ensure that the services they offer are capable of adequately protecting consumer information.

Security remains a priority for companies involved in mobile commerce

Security is, perhaps, the most important issue to address. Many consumers have avoided using mobile payments services because they worry that their information may be exposed to significant risks. Companies involved in the mobile payments space have been working to allay fears concerning security through the introduction of new technology. New services with more robust security features are becoming available as a result.

SoftBank invests in South Korean mobile commerce firm

SoftBank to invest $1 billion in Coupang

Japanese mobile operator SoftBank has announced that it intends to invest $1 billion into South Korea’s largest mobile commerce firm, Coupang. This would represent the largest Internet investment that has been made in South Korea’s history and will provide Coupang with the financial support it needs to compete with other mobile commerce organizations. SoftBank has not disclosed the size of the interest it will acquire in Coupang and the South Korean company will continue to operate of its own accord.

Company seeks to expand beyond the borders of Japan

In 2013, SoftBank successfully acquired Sprint, which may have been the company’s first step toward expanding beyond Japan. The latest investment may be another step toward this endeavor, with SoftBank beginning to show significant interests in mobile markets in other parts of the world. SoftBank has also increased its stake in Supercell, a Finnish company that develops mobile games. Mobile commerce may be part of why SoftBank is beginning to expand, as this sector represents a significant degree of financial promise.

Mobile commerce could be a promising opportunity for some companies

Softbank - Mobile Commerce DealMobile commerce has grown quickly throughout the world, with this growth being powered by the increasing number of mobile consumers. As more people gain access to smartphones and tablets, they are beginning to shop with these devices, opting to use their devices to purchase products that they are interested in. Companies like SoftBank could have a lot to gain by engaging in the mobile commerce space, but it will have to compete with other companies that want to establish a dominant position in this market.

Coupang will be able to compete more aggressively in the mobile commerce sector thanks to investments

Coupang will continue to play a role in South Korea’s thriving mobile commerce market. The company has already established itself as a leader in this market, but it will have to continue offering favorable services to consumers in order to maintain this position. In the coming years, South Korea, as well as Japan, may become the most prominent mobile commerce markets in the world.