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Mobile Micropayment: Opportunities and Technical Considerations

Published Date: 
Feb 09, 2011
Abstract

In recent years, a number of articles and research papers have been published on the subject of Mobile Banking and Mobile Payment, all emphasizing the point that whereas in 2000 consumers were not ready for mobile financial and payment services, today they are.

Excerpts from the Paper
Back in 2002, SK Telecom of South Korea (in collaboration with VISA) was one of the first companies to offer Mobile Payment services on a commercial scale. By early 2007, SKT had 2.6 million Moneta phones equipped with Near Field Communication (NFC). In 2003 LG Telecom – the third largest mobile carrier in South Korea – collaborated with the largest bank in that country, Kookmin Bank, to offer mobile banking services. Instead of providing the typical mobile payment services, LG allowed its customers to use their mobile devices as a substitute for an ATM or transit card. Today, 70% of all digital content (valued at more than $ 1 billion US) is charged directly to cell phone bills instead of credit cards. Since then other service providers (e.g. Mobilians) have made a mark in this Mobile Banking and Mobile Payment space in South Korea.
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