Just Pay With Your Phone, Please

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Just Pay With Your Phone, Please

Updated Apr.22,2008 11:08 KST

A brave new world where mobile phones double as credit cards is just around the corner. Shinhan Card and KTF on Monday established a joint venture to introduce a new mobile phone payment system, and announced they are embarking on developing credit cards that can be used extensively in mobile phones. Shinhan Card has been providing a credit card service in mobile phone terminals, but only two types of cards could be used in handsets, limiting the choice of customers. The joint venture aims to develop new types of mobile credit cards so that one day phones will replace plastic cards.
The mobile credit card system will be applicable only to the third-generation WCDMA handsets offered through KTF’s “Show” and SK Telecom’s “T” services. Customers can apply for the service in branch shops of KTF and SKT, and after four to seven working days the credit card information file will be sent to the phone. Once users download the file, the credit card is saved, and payment can be made just by touching the cell phone to card terminals in stores. Information on card transactions, charges, cash service and card loan can be viewed via mobile phone as well. Signatures, however, still have to be made on paper.
The third-generation cell phone market is expected to grow sharply, from 7 million users as of the end of last year to 17 million this year. Shinhan Card plans to aggressively expand its network of franchises in response.
(englishnews@chosun.com )