Many Hurdles for Online Payment Settlement

Korea Times (Seoul, Korea), January 23, 2001 | Go to article overview
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Many Hurdles for Online Payment Settlement

Following the government's announcement to allow online payment settlement businesses, attention began to shift to the task of rolling out full- fledged online mobile commerce activities and to the building of businesses to go along with them.

On Saturday, the Ministry of Information and Communication allowed four cell phone carriers -- SK Telecom, Shinsegi Telecomm, Korea Telecom Freetel and Korea Telecom -- to run online payment settlement services.

The online payment settlement system means that consumers can pay for goods and services through electronic currency with their Internet-ready mobile handsets instead of by bank account transitions or credit cards.

Under the proposed business schemes, cell phone service providers will develop mobile-commerce services, for instance, that enable subscribers to use buses and subways and conduct purchasing transactions through their Internet-ready mobile phones.

In addition, the licenses are likely to boost mobile commerce. With the new technology, online shoppers can purchase products using their cell phone numbers instead of their credit cards.

Consequently, those four mobile carriers and related content providers make much of the fact that Saturday's announcement can lead to the activation of mobile commerce activities over a wide variety of Internet- based financial transactions via mobile terminals.

``The government will revise the related laws to foster m-commerce and support its technological development,'' a ministry spokesman said in a statement.

No one doubts that the online payment settlement system would make the sagging Internet business sector into a hit, and there seems to be little doubt that it will eventually be a big market.

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Many Hurdles for Online Payment Settlement


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