South Korea’s leading mobile carrier KT and its financial business unit BC Card released a “versatile” smart wallet, which allows users to easily manage options for payment and rewards, from credit cards to digital coupons.

Utilizing beacon, GPS and Wi-Fi technologies, the new smart mobile wallet, dubbed CLiP, automatically provides users the information of credit, debit and membership cards available at nearby coffeehouses, restaurants and retail stores.

The digital wallet also suggests the best way to receive the largest rewards, such as membership points or discounts, with the users’ plastic cards or memberships.

“The CLiP eliminates the tedious process of finding the proper cards to give the user the most benefit,” said Nam Gyu-taek, vice president of KT’s marketing division, at a press conference in Seoul on Tuesday. 

KT and BC Card will make use of some 180,000 Wi-Fi hotspots established by the mobile carrier across the nation for the automatic push technology.

The two counterparts have joined banks and credit card issuers to make 2,500 types of credit and debit cards, which are currently used in the domestic market, compatible with the new mobile app.

Around 110,000 stores and franchises including Paris Baguette, Starbucks and Angel-in-us Coffee have teamed up with KT and BC Card for the new mobile app.

“The new digital service will not be just a mobile wallet, but necessity in people’s commercial activities,” said Suh Joon-hee, chief executive of the Seoul-based credit card firm.

Some of the mobile app services will be also available for Chinese people traveling to Korea as KT and BC Card will incorporate GPS-based mobile coupon services in an app for Chinese travelers.

The two companies said they would beef up ties with Chinese telecommunications and financial firms, including China Mobile and China UnionPay, to roll out diverse mobile wallet services for domestic and Chinese users in Korea.

By Kim Young-won  (wone0102@heraldcorp.com)