At least five South Korean card companies have announced plans to launch separate smartphone-based services that would enable consumers to pay down balances owed on their credit cards, local newspaper JoongAng Daily reported.
The services would enable cardholders to initiate repayments of up to 300,000 won (US$256 or 178 euros), according to the report, which says Samsung Card Co. Ltd., Shinhan Card Co. Ltd, Hyundai Card Co. Ltd. and Lotte Card Co. Ltd. are set to offer the service.
PaymentsSource was unable to confirm the report with any of the five companies, though an official at the Credit Finance Association of Korea, an industry association representing them, confirmed the developments.
“Yes, there are plans that we are aware of,” she says. “But we can’t comment on it as these are company-specific, and not sector-specific, developments.”
According to JoongAng daily, all five mobile-payment services will be based on “Ansim Click”, an online-payment system. Ansim is the Korean word for “secure.”
Shinhan Card will launch its mobile version of the Ansim Click service mid-month for use with iPhone and Android-based phones, while Hyundai Card planned to start a similar service based on April 9, the report noted.
