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New Mobile Payment System Aims to Replace Wallets Updated: 2012-12-12 00:00:00 KST

New Mobile Payment System Aims to Replace Wallets
Savvy consumers these days are saying goodbye to paper and plastic, in favor of their smartphones.
Here at this coffee shop, customers are able to pay for drinks, redeem digital coupons, and keep track of membership points all from one mobile device.
This example of converging technologies and services has become a booming trend in Korea, which is providing high convenience for customers and businesses alike.


[Interview : Shim Kyu-young, Seoul Resident] "I didn't like that my wallet was thick due to cards, receipts, and coupons. Now my wallet is thin and it's nice that I can comfortably use my smartphone."

Korea's leading corporations are racing to ensure smartphones not only compliment cash and credit, but eventually consolidate everyone's financial needs through a single mobile application.

Earlier this month, Korea's second largest cell phone carrier, KT Telecom announced a new instant mobile payment system called Mo-Ca, a combination of the words "money" and "card."

The MoCa Alliance has already brought on board over 60 companies including the country's leading banking institutions, coffee shop chains, and department stores.


[Interview : Pyo Hyun-myung, President
KT Corp.] "Credit cards, coupons, and a wide range of mobile gift certificates will all be available on cell phones. It's a service that aims to simplify everything for the customer."

The new system is said to be 90 percent faster than other popular payment methods and much more secure than competing solutions such as Google Wallet.


[Interview : Park Kyong-yang, CEO
Harex Infotec] "There's no need to store any financial information on the cell phone because it doesn't go through the merchant. This way there are no leaks or risks of exposing financial information. "

The MoCa smartphone app is now available to download and use, but consumers shouldn't completely ditch their cash and credit just yet.

Paul Yi, Arirang News
KOGL : Korea Open Government License
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