A group of local South Korean banks have joined forces to launch a new NFC payments service, BankWallet, in the country.
As reported by Mobile World Live, BankWallet is the brainchild of Korea Financial Telecommunications and Clearings Institute (KFTC) — a Korean interbank clearinghouse. Storing account holder credentials on the SIM card, the BankWallet solution and accompanying smart phone app allows users to conduct mobile payments and P2P money transfers.
Also on board is SK Telecom, a mobile operator who maintains South Korea’s largest number of subscribers. SK Telecom is offering the BankWallet NFC solution from launch, while KT — the country’s second largest mobile operator — has revealed plans for an April launch.
In addition to in-store NFC payments, the BankWallet app can be used to make online purchases putting a number of local retailers on alert. In fact, the Shinsegae department store chain, Emart convenience stores and the Daegu chain of department stores are all signing up for BankWallet.
According to KFTC, there are plans to expand BankWallet to include support for credit cards, membership cards and coupons, as well as cash-withdrawal, account transfer and bill pay functions.