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Press Release
A ’MONETA’ Mobile Payment Service Coalition Signing Ceremony Is Held.
2002.12.10The four participating companies were, SK Telecom, Korea Exchange Bank Credit Service, Woori Card, and SK Corp.
Coalition will furnish 470 thousand credit card reader with transaction scanning capability during this coming year.
It opens a new era of convenient financial transactions by cellular phone? The quality of life for consumers will be greatly increased.
SK Telecom, the credit card firms and card reader manufacturing companies will put forth their best efforts to export mobile payment system overseas.
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On December 10th, 2002, SK Telecom opened up a new era of mobile payment by cellular phone in holding the coalition signing ceremony for `MONETA` mobile payment service with Korea Exchange Bank Credit Service, Woori Card and SK Corp.
On December 10th, at 11a.m., the four companies - SK Telecom, Korea Exchange Bank Credit Service (www.yescard.co.kr), Woori Card (www.wooricard.com), SK Corp.(www.skcorp.co.kr) held the Coalition Signing Ceremony for ’MONETA’ mobile payment service in the Seoul CHOSUN Hotel Grand Ballroom. By doing this, the ’MONETA’ service was given a full scale launch.
At the Coalition Signing Ceremony for ’MONETA’ Service, Man Won Jung, vice-president of SK Telecom, Christian Werner, vice-president of Korea Exchange Bank Credit Service, Chung Won Lee, vice-president of Woori Card, and Sung Dae Cho managing director of SK Corp., participated in the signing.
Currently, SK Telecom is trying to execute coalition agreements with other credit card companies. Ultimately, the company is striving to reach the goal of making coalition agreements with all credit card companies in order to provide a wider range of customer choices.
By the end of this year, to facilitate smooth mobile payment services, SK Telecom plans to provide 30 thousand combination reading devices (CAT) in a cooperative effort with VISA International. Through this coming year the company will also furnish an additional 400 thousand reading devices (Dongle) for the exclusive use of mobile payment service and 40 thousand CAT in order to serve customers with a better and more convenient service. This will fulfill the company’s plan to boost the spreading of cellular transaction reading equipment to 75% of all credit card affiliated stores.
At the same time, the company will provide 150 thousand MONETA Phones (Samsung SCH-E150, and Motorola V.740) which support CDMA2000 1x EV-DO and Global Positioning Service (GPS) functions by the end of this year. Ten different varieties of MONETA Phones will also be furnished by the early part of next year.
In particular, during the last part of next year, many types of cellular devices will be furnished with MONETA capability as a basic part of providing mobile payment service. This will greatly help increase the usage rate of MONETA service in the marketplace.
Man Won Jung, vice-president of SK Telecom emphasized, "Now consumers are enjoying a new era of financial transactions by cellular phone. This lets them buy products and use the other services far more conveniently. He also pointed out "The life quality of all citizens will be greatly increased due to this service with the combination of the functions of telecommunication and finance".
Due to the full scale launching of this mobile payment service, the affiliated card firms will have a great opportunity to increase their sales of products and services because it creates a new financial transaction market that uses a new form of credit card and e-Money (visa cash). Reading device and system manufacturing companies also have a golden opportunity to form a new communication and financial infrastructure market.
Korea will have a chance to prove it is one of the strongest IT countries in the world by continuing to lead in the world of wireless transaction service. Pioneering an advanced mobile payment service based on smart cards (EMV mobile payment system) shows that Korea is the most advanced country in the world in this field.
The EMV payment system as a credit card transaction security system approved by Visa and Master Card lets consumers execute financial transactions safely, and without any doubt about the leaking of private information.
Based on advanced financial transaction service, platform technological standard of MONETA, SK Telecom, the Credit Card firms, and handset manufacturing companies will continue to put forth their best efforts to advance into overseas markets.
At the Coalition Signing Ceremony for ’MONETA’ Service, Man Won Jung, vice-president of SK Telecom, Christian Werner, vice-president of Korea Exchange Bank Credit Service, Chung Won Lee, vice-president of Woori Card, and Sung Dae Cho managing director of SK Corp., participated in the signing.
Currently, SK Telecom is trying to execute coalition agreements with other credit card companies. Ultimately, the company is striving to reach the goal of making coalition agreements with all credit card companies in order to provide a wider range of customer choices.
By the end of this year, to facilitate smooth mobile payment services, SK Telecom plans to provide 30 thousand combination reading devices (CAT) in a cooperative effort with VISA International. Through this coming year the company will also furnish an additional 400 thousand reading devices (Dongle) for the exclusive use of mobile payment service and 40 thousand CAT in order to serve customers with a better and more convenient service. This will fulfill the company’s plan to boost the spreading of cellular transaction reading equipment to 75% of all credit card affiliated stores.
At the same time, the company will provide 150 thousand MONETA Phones (Samsung SCH-E150, and Motorola V.740) which support CDMA2000 1x EV-DO and Global Positioning Service (GPS) functions by the end of this year. Ten different varieties of MONETA Phones will also be furnished by the early part of next year.
In particular, during the last part of next year, many types of cellular devices will be furnished with MONETA capability as a basic part of providing mobile payment service. This will greatly help increase the usage rate of MONETA service in the marketplace.
Man Won Jung, vice-president of SK Telecom emphasized, "Now consumers are enjoying a new era of financial transactions by cellular phone. This lets them buy products and use the other services far more conveniently. He also pointed out "The life quality of all citizens will be greatly increased due to this service with the combination of the functions of telecommunication and finance".
Due to the full scale launching of this mobile payment service, the affiliated card firms will have a great opportunity to increase their sales of products and services because it creates a new financial transaction market that uses a new form of credit card and e-Money (visa cash). Reading device and system manufacturing companies also have a golden opportunity to form a new communication and financial infrastructure market.
Korea will have a chance to prove it is one of the strongest IT countries in the world by continuing to lead in the world of wireless transaction service. Pioneering an advanced mobile payment service based on smart cards (EMV mobile payment system) shows that Korea is the most advanced country in the world in this field.
The EMV payment system as a credit card transaction security system approved by Visa and Master Card lets consumers execute financial transactions safely, and without any doubt about the leaking of private information.
Based on advanced financial transaction service, platform technological standard of MONETA, SK Telecom, the Credit Card firms, and handset manufacturing companies will continue to put forth their best efforts to advance into overseas markets.