MasterCard International has partnered with South Korean-based SK Telecom to upgrade the merchant Mastercard network, expanding its credit and debit payment applications known as the M/Chip. SK will also offer its support of the credit card giant’s OneSmart PayPass contactless program on its existing payments infrastructure.
Will Expand Acceptance Development of Chip Based Services to Grow Mobile Payments Market
Seoul – MasterCard International announced that it has signed an agreement with SK Telecom of South Korea to further expand chip card acceptance and launch mobile payments services.
Through this alliance, SK Telecom and MasterCard will upgrade the merchant network to accept MasterCard’s credit and debit payment application for chip, known as MasterCard M/Chip?. In addition, SK Telecom will support the MasterCard OneSMART PayPass? contactless payment program on their existing payments infrastructure.
Also as a result of this agreement, MasterCard and SK Telecom will work to develop new mobile payment models to enable MasterCard cardholders in Korea to use SK Telecom’s “Moneta”, a mobile payments service, thus increasing their payment options and maximizing their convenience.
MasterCard PayPass has already been implemented in several retail locations in the U.S. including McDonald’s. In the future, it is expected that SK Telecom Moneta phone users will be able to process their payment transactions by using their MasterCard cards or mobile phones at PayPass merchants around the world.
“Through this collaboration between MasterCard and SK Telecom, we look forward to contributing to the growth of chip and mobile payments services and introducing MasterCard PayPass in Southern Korea. MasterCard and SK Telecom customers will be able to take advantage of advanced payment services which will offer them more convenience,” said Chunyong Lee, vice president, business development, Korea, MasterCard International. He added, “MasterCard will continue to develop new and innovative payments systems through the establishment of similar partnerships with other domestic corporations.”
About MasterCard PayPass
MasterCard PayPass is a new “contactless” payment program that provides consumers with a simple way to pay. Using MasterCard PayPass, consumers simply “tap” their payment card, or alternative PayPass form factor, on a specially equipped merchant terminal, eliminating the need to swipe a card through a reader or fumble for cash and coins. The new solution is ideal for quick payment environments where speed is essential, such as quick serve restaurants, gas stations, drug stores, supermarkets and movie theaters.
About MasterCard International
MasterCard International is a leading global payments solutions company that provides a broad variety of innovative services in support of our global members’ credit, deposit access, electronic cash, business-to-business and related payment programs. MasterCard International manages a family of well-known, widely accepted payment card brands including MasterCard, Maestro, and Cirrus and serves financial institutions, consumers and businesses in over 210 countries and territories. The MasterCard award-winning Priceless advertising campaign is now seen in 97 countries and in 47 languages, giving the MasterCard brand a truly global reach and scope. For more information go to www.mastercardinternational.com.