Culture

Korea, The Cashless society

Korea is now becoming a cashless society. Advanced technology of the mobile device allows people to pay with their smartphone. 

Under these circumstances, the FinTech came out. It is a compound word of Finance and Technology, meaning financial services based on big data and social media in the mobile environment. Samsung Pay is the most popular service, followed by Kakao Pay, and Naver Pay. To use it, register your existing card to the account and run the app when you pay at the store. It is simple and easy to pay, skipping all the procedure -pick the card and hand it over to the clerk for paying and then take back- That's why people use these FinTech applications. 

Features of each FinTech services

image source: Samsung Pay

Samsung Pay can be used anywhere where it has a card reader. It is its strength to be used like a credit card, while other services couldn't reach this level. That's why you can say it is more like a cardholder. Instead of dipping the card to the reader, just tag the mobile phone on. Another feature is that almost all cards can be registered in Samsung Pay. This app gets any credit cards registered for its account and can even be used as a transportation method is another reason to intrigue their customers. It is a shame that iPhone users cannot use it since it is based on Android. 

image source: Kakao Pay

Kakao Pay is one of banking services of Kakao - you might be familiar with KakaoTalk, the messenger. With Kakao Pay, not only making the purchasement but also making the wire transfer is available. If you are a KakaoTalk user, it is easier. You don't have to put the bank account number(or routing number), just turn your KakaoTalk and click the recipient on your friend's listings. Then proceed the transfer when the pop-up is shown on your screen. This can even be canceled if the recipient has not yet confirmed the money. The number of Kakao Pay users has been constantly increasing with the introduction of other unique banking services. 

image source: Naver Pay

Naver Pay is provided by Naver, the largest platform in Korea like Google. Before, it has been used at the online shopping mall, listed on Naver. Now it is expanding its service area beyond the online market, to the offline store. It is getting popular to order the meal in a restaurant online, pay by Naver Pay and pick it up when it is done. It is credited to Naver's other existing services like maps and stores/restaurants listing. They just add another function-payment to make it happen. Naver Pay provides its users a lot of benefits - the accumulation rate of rewarding points. You can even earn these points using other services in the platform. Moreover, other rewarding points are exchangeable to Naver points with its great network of other services. 

These three FinTech services are the most used in Korea, and it becomes a trend to have their own payment system under the name of 'pay'. But it is differentiated from these above applications, since it is just to save your own credit card number to check the order easy. You may pay by cash, of course, but mind that Korea has stepping into the cashless society.  

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This article is write from dragonEditor(Lovefield) & License

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