Korean telco launches mobile payments and rewards service
Korean telco SK Telecom and has launched an m-payments service that stores multiple credit and loyalty cards on one mobile phone SIM.
The T Smart Pay service allows customers to pay for an item, receive coupon discounts and add membership points in a single process via their mobile.
The service – which is being launched in partnership with its Hana SK Card credit card issuing joint venture with Hana Financial Group – features Visa’s PayWave contactless payment system. Cardholders who sign up will be able to make contactless purchases at PayWave-enabled retailers. SK Telecom says the scheme uses a 13.56MHz RF SIM.
Hana SK Card customers can store up to eight credit cards in their mobile phones. Besides storing credit card information, they can also store over 30 membership/point/mileage cards and 50 coupons in their device.
Customers can choose which credit card they would like to pay with, and can receive discounts by using membership cards, points or coupons. In addition, they can accumulate mileage/points and receive coupons by downloading them from mobile internet websites or kiosks installed at stores. In addition, when making a payment, customers can enter promotional events organized by stores to receive special discount coupons and win promotional gifts.
Customers can also obtain credit card-related information including transaction details, remaining credit limit, and payment receipts via their mobile, and they are also provided with membership card information such as used, stored and remaining points.
To use the service, customers download SK Telecom’s T Smart Pay application to the financial services-enabled USIM card. In addition SK Telecom has incorporated Visa payWave’s radio frequency technology to make contactless payment on mobile phones.
T Smart Pay will initially be offered to holders of Hana SK Card’s IC plastic card and mobile USIM card at the discount retailer Home Plus. SK Telecom then plans to introduce the service to other large-scale discount stores, department stores as well as franchise stores.
Sung-Cheol Hong, executive VP and head of the service division at SK Telecom, commented: “SK Telecom expects T Smart Pay to help customers make the most economical purchasing decisions. Further plans are underway to constantly upgrade this service based on SK Telecom’s leading ICT and we will make proactive efforts to enter the overseas markets to become the global leader in the field of smart payment.”
SK Telecom and Hana Financial Group launched the Hana SK Card joint venture in February this year to converge the telecommunications and finance sectors by providing next-generation settlement and payment services.