South Korea enters into Mobile Wallett as ApplePay begin talks with China

South Korea’s Mobile Wallet launch, experienced lengthy delays due to regulatory issues, but is now approved by South Korea's Financial Supervisory Service (FSS) and is operating in partnership with Korea Financial Telecommunications and Clearings Institute &(KFTC) plus a number of local banks allowing  South Koreans to make payments using their smartphones.

South Korea may not remain the hottest news in the cashless global society for long, as it is rumoured that ApplePay are already in talks with Jack Ma Alibaba’s founder to bring ApplePay to china. China already has Baidu Pay which rolled out this year and Alibaba’s own Alipay already has 50 % market share of China’s mobile wallet market.

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2014 was the boom year for payment enabled smartphones and the year that Digital Wallets took off with a bang. With most smartphones now being manufactured with Near Field Communication (NFC) technology as standard, users are increasingly paying for goods and services using their smartphones and confidence is growing amongst users that mobile wallets provide a safe, fast contactless payment method.

Over 50% of all Americans have now bought goods using their smartphones a huge rise from the 14% in 2009 and NFC enabled payments are widely being used in 36 European countries. Worldwide 2.5 million merchants now accept mobile payments. The ApplePay Wallet which became available in September has contributed greatly to user confidence in Mobile Wallets

Banks and phone companies are now embracing mobile wallet too, with US Citibank becoming the first global bank to introduce its own branded Mobile Wallet and Germany’s Deutsche Banks launched its My Wallet app available for Smartphone users in Germany earlier in the year.

The major players in Mobile Wallett are currently PayPal, GoogleWallet and ApplePay, which innovated the use of biometric finger scanning for added security. Verizon’s Softcard (previously called ISIS Wallett) is also a major player now being included on windows phones.

A Cash Free Global Society may be nearer than we thought.  

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