Tag: south korea

SK Telecom launches new hands-free mobile payments service

| April 5, 2016

New service will allow consumers to make mobile transactions without using their hands

South Korean telecommunications company SK Telecom is launching a hands-free mobile payments service that features its own rewards program. The new service, called T Pay, has already accrued 100,000 subscribers, who will be able to make use of its Bluetooth technology to make payments without having to hold their mobile devices. All purchases made through the service will be charged to customer’s existing mobile phone bills and consumers above the age of 19 will have a $427 purchasing limit through the service every month.

Mobile commerce is gaining popularity among younger consumers

Approximately 65% of T Pay’s current subscribers are aged in their 20s and 30s. Among this demographic, mobile payments have become quite popular. Many of these people are relying heavily on their mobile devices to shop online and in physical stores and the demand for loyalty programs is growing among consumers. SK Telecom is looking to take advantage of growing interest in mobile commerce in the hopes to establish more success in this sector. Competition in this market is quite fierce, however, which has lead SK Telecom to develop an innovative new service in order to establish a competitive edge.

Voice commands will be used to make mobile transactions through T Pay

SK telecom - Mobile PaymentsAfter downloading the T Pay application, consumers can purchase items with a simple voice command. A store’s point-of-sale system would collect payment information from a mobile device’s Bluetooth technology. Cashiers would identify a user through the use of a nickname and a mobile phone number, which would appear on the screen of their point-of-sale system. SK Telecom believes that this is one of the most economical and convenient ways for consumers to make purchases in physical stores.

Loyalty program may make T Pay more attractive to consumers

Customers that use T Pay to make purchases will also gain access to special discounts through the T Membership program. The program is designed to reward consumers for their loyalty to the new mobile payments service. Such programs have been in high demand recently, as mobile consumers want more value out of the new payment services that they are making use of.

Mobile payments find a foothold in South Korea

| January 26, 2016

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.