BUSINESS

KT introduces ‘mother of all credit cards’

By Korea Herald
  • Published : Jun 13, 2017 - 15:04
  • Updated : Jun 13, 2017 - 17:48

KT announced Tuesday the launch of an all-in-one smart card device, a new network-based financial platform the company expects to be a core business in the artificial intelligence and big data field.

Dubbed “CLiP CARD,” the device looks like credit and debit cards issued by financial institutions, but it has a 1.3-inch display on the surface of the card that enables users to register all their cards, which are displayed in barcodes.

CLiP CARD can store the information of up to 10 credit cards, 10 membership cards and one paid transport card. 
Front side of CLiP CARD device (KT)

The KT platform is compatible with all types of credit cards regardless of card companies and financial institutions, and with any operating systems of smartphones via any mobile carriers.

The card device runs on an embedded lithium-ion battery, which requires full charging once a month.

“The idea of the card device came from the fact that most people still prefer carrying physical cards with them in the offline world,” a KT official said. “Mobile payment tools still remain supplementary.”

KT has currently partnered with BC Card, Lotte Card and Hana Card, and plans to expand the partnership scope to all credit card firms by the end of the year.

The mobile carrier aims to attract 300,000 CLiP Card subscribers this year, and 2 million by 2020 to reach 27 trillion won ($23.9 billion) in total transactions.

By Song Su-hyun (song@heraldcorp.com)


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