Era of mobile settlement already approaches in Korea

Era of mobile settlement already approaches

Lee Deok-ju, Won Yo-han

2013.10.04 17:29:55

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A Korean office worker in his 30s only named as his initial ‘K’ always touches his smartphone on the ticket turnstile instead of inserting a subway ticket into the device. His smartphone has a mobile T-money payment system of transport fares. The near field communication (NFC)-enabled smartphone works the same as the plastic payment card.
In his way to start the company, he decided to read a comic using his smartphone. When he chose his favorite comic book from an electronic shelf of Yes 24 and settled his deal on a simple payment method provided by KG Inisys. This is part of mobile settlement that is being shaped to cover all types of commerce with separate payment for each deal possible. According to the nation’s five major credit card companies on Friday, a total of 3.3 million mobile cards have so far been issued. Nearly 90 billion won ($84.1 million) worth of transactions were settled through these mobile cards in September alone. It represents just 0.21% of 43.4 trillion won settled monthly through all credit and check cards in Korea last year, but it’s a significant rise compared to 2010 when 55,000 mobile cards were issued with 1 billion won of transactions were settled. Attention is being paid to growth potential of mobile cards, as they have become part of our everyday life. “Telecom service providers, portals and even social network service firms have tapped into local payment gateway markets and the future business outlook is bright because mobile commerce users are increasing sharply,” said Kim Min-seok, head of SK C&C Mobile Business.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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