South Korea taking global lead in NFC mobile payments
Near Field Communication (NFC) is on the rise. Koreans are taking the lead globally with rollouts of NFC-enabled smartphones. While mobile operators in most other countries are still struggling to make NFC mobile payment mainstream, Korean telecom companies have already sold more than 5 million phones with NFC technology. The short-range radio frequency technology allows exchange of data, reprogramming of phones and also payments.
One of Korea’s largest operators, Korea Telecom (KT), has been able to successfully leverage on NFC technology further through the launch of the mobile wallet, Olleh Touch. By partnering with Korean card issuers, Olleh Touch supports both PayPass and payWave standards.
NFC technology brings significant changes to retail as well. KT also recently launched MoCa, a cloud-based mobile wallet service that allows retailers to accept payments online as well as in-store via traditional barcodes, QR codes or NFC. Both Andrioid and iOS versions of the MoCa mobile wallet apps are available. MoCa helps to bring collaborations from banks, cards companies and retailers, signalling a change in the future of payments.
Experts have also predicted that global spending through NFC will surpass $100 billion by 2016, and increasing by another 100% in 2017.
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Find out how Korea Telecom has successfully deployed NFC technology into its business model. Come and hear from John Hyuk Jun Jung, Senior Manager of Korea Telecom, who will be sharing a session on “Enabling a successful NFC mobile payment ecosystem.” This case study will be presented at Cards & Payments Asia from 24-25 April 2013 at Marina Bay Sands, Singapore. Download our brochure to find out more.