Korea’s monthly mobile card payments exceed $9.23 mn

South Koreans’ monthly spending via mobile cards exceeded 10 billion won ($9.23 million) for the first time.  Payments made with mobile Hana SK cards stood at a record high of 10.8 billion won in November this year, said sources in the local card industry Friday. The monthly volume is nearly equal to its total annual payment volume of 12 billion won recorded in 2011. If this growth momentum is sustained, the total annual payment volume might reach 60 billion won this year.

Mobile credit card services enable customers to make payment without using plastic credit cards by leveraging the wireless Near-Field Communications (NFC) chips in mobile phones. Hana SK Card, a joint venture of Hana Card and Korea’s largest telecom operator SK Telecom, offers the nation’s first NFC mobile payment service provider. The card company accounts for vast majority of issuance and payment volume in the local NFC mobile payment market, to a point where its performance is equivalent to that of the nation’s whole mobile payment industry.

For full article, see Maeil Business.