KB Card, a major card issuer in South Korea, rolled out a mobile payment solution Thursday as part of its efforts to transform into a digital financial platform operator.
The payment solution, named KB Pay, allows users to utilize money transfer, overseas remittance and currency exchange services. KB Pay subscribers can also have credit cards and gift certificates registered on the app to use them at online stores or brick-and-mortar shops. Those who want to make purchases in other countries can pay with a QR scanning system featured in the mobile app.
The entire value of transactions processed via mobile payment solutions in the domestic market reached 213.9 billion won ($187.1 million) per day on average in the first half this year, up 35.4 percent on-year, according to the Bank of Korea.
By Kim Young-won (firstname.lastname@example.org