For many Koreans and especially foreigners living in Korea, ordering online can be a huge headache. The amount of information you have to put in is a huge time killer and honestly can be a waste of time. How many times do you have to put in the account number, price, address, password, etc? A Korean fin-tech startup called Hankook NFC has come out with an easy mobile payment service called NFC Pay. Now paying for stuff with your smartphone is now easier than ever.
How NFC Pay works is very simple, you search for an item you want to buy. Add that item to your cart and enter your information. Then at the bottom select NFC Pay as your payment option. Now just take out your credit card from your wallet. Place the card on the back of your smartphone and just enter the first two digits of your cards pin. Now all you have to do in confirm your purchase with your signature. Done. Finished!
With this new fin-tech service, merchants as well as consumers will be able to make transactions more convenient. The more the transaction is easy, simple, and safe the more consumers will continue to use the merchant. It is a win win for both parties. NFC Pay holds two patents shown below and they continue to make new advancements in fin-tech.
Korean Patent #10-1333230
Card-based Self Payment System and Method using
Mobile Communications Devices
Korean Patent #10-1512001
Quick and Simple Self-Authentication System and Method
using Payment cards and Mobile communication Devices
Now if you are still confused. It is quite simple. All you have to do is place your physical credit card to the back of your smartphone and then add the two digit code and you are done. Here is a more detailed breakdown of how it works.
Make your choices and select NFC Pay as the payment option
Place your contactless NFC card on the back of your smartphone
Input your password enter in the first 2 digits of your 4 digit password
After you complete payment, a receipt will be issued.
How you might be asking where can I use the NFC payment system? Currently NFC is providing services in Interpark Mall and Amore Pacific Mall. Users will be able to use NFC payment services by searching Interpark mall and Amore Pacific Mall on Android Google Playstore. If consumers and merchants like this service expect NFC to expand to other platforms. Currently this service only works for Android smartphones since Apple has not disclosed API.
Users do not need to download additional NFC payment applications for the service. The service does not require card information registration as well as store the credit card information. Remember NFC is all about making it easy, simple, and safe for all users.