SK Telecom Co. Ltd. has launched a Near Field Communication mobile-payment service called T Smart Pay in cooperation with Hana SK Card, the company announced recently.
“T Smart Pay works like an integrated digital wallet,” an official from the Seoul-based telecommunications operator tells PaymentsSource. “Users can store as many as eight credit cards; over 30 membership, mileage and loyalty cards; and 50 coupons in their mobile phones.”
Consumers may use the service after registering and downloading the T Smart Pay application to a financial services-enabled USIM card used for 3G data connections available from select retailers, according to the official.
The service offers an integrated approach to purchases and payments, the official says. “For example, after choosing the credit card they would like to pay with, customers can use membership cards or coupons to get discounts,” he adds. “Plus, upon making a payment, customers can receive special discount coupons and promotional gifts from the stores themselves.”
The NFC service is based on a variant of Visa Inc.’s payWave technology, according to the official. The transactions are processed via a tap of the mobile phone on a terminal. Discount coupons are sent wirelessly over the Internet to the customer’s T Smart Pay account.
In addition, customers also may download into their T Smart pay wallet mileage points and discount coupons from the Internet or at kiosks at major shopping areas.
“The company will first offer the service at the discount retailer Home Plus,” the official says. “Then the company plans to introduce the service to other large-scale discount stores, department stores as well as franchise stores.”
SK Telecom and Hana Financial Group formed the Hana SK Card joint venture in February after SK Telecom took a 49% stake Hana Financial and had made their plans clear for a mobile payment service (
