SK Telecom, South Korea’s largest mobile operator, has announced it is launching its T Smart Pay service, what it calls a “next-generation” payment service.
The new service, which expands on the telco’s current contactless-mobile payment service, Moneta, would enable users to store as many as eight credit cards, along with 30 membership or loyalty cards and 50 coupons on their phones, said the telco. Customers would download SK Telecom’s T Smart Pay application to their SIM cards, which in South Korea have a contactless interface and hook into antennas built into specially equipped handsets sold by the country’s major operators. The phones and SIMs do not comply with NFC standards.
The T Smart Pay application and mobile wallet appears to be the first service launched by SK Telecom’s joint venture, Hana SK Card, with the Hana Financial Group.
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