If you are receiving a finance service through a mobile phone, you are doing FinTech. What is FinTech?
FinTech is the compound word of finance and technology combined together. It is a combination of finance service and technology. Here technology references IT technology. FinTech is largely divided into four base areas: a. payment, b. financial data analysis, c. financial software, and d. platform. Now, let’s look at how mobile payment is used in our daily lives.
To put it simply, mobile payment is payment through mobile phones. If you touch your smartphone to a card reader in a shopping mall after inputting information in your smartphone in advance, you can use a mobile payment service. In Korea, this service has been adopted in earnest and spread rapidly in the latter half of 2015. At first, it was largely utilized in online, shopping malls, and theaters but now it is used in various other ways like payment of utility bills and overseas remittance. The benefit of using mobile payment is the simplicity, convenience, the ability to use it in various ways. Mobile payment has improved the inconvenience of having to pay with a credit card. Examples of places you can use mobile payment include, Samsung payment of Samsung electronics, LG payment of LG electronics, Kakao payment of Kakao corporation, SSG payment of Shinsegae department store, and Naver payment of Naver corporation.
When samsung payment was first released, it was unlike any other system. They use a magnetic payment system in parallel so it can be used everywhere. Also in settlements, if payment is made or canceled, it will be discarded or canceled because a one-time virtual card is created. So it has a security advantage.
LG payment is characterized by paying to smartphones after inputting credit card information with a white card.
Kakao payment is the service system through Kakao Talk. It can remit with a simple password, check your bank balance without a security card, and do complex processes. Also, there are unlimited free remittances and people can send money without a bank account number between Kakao Talk friends.
SSG payment is the mobile credit card of Shinsegae’s own department store. It is characterized by converting into cash and getting up to 20% discounts at E-mart, the Shinsegae Department Store, and Starbucks.
Naver payment is an easy payment service that allows their card to be used at Naver affiliated companies. It increases user’s convenience and accessibility.
Having examined various mobile payment features, it would be beneficial for you to understand how to use these features and benefits to make your life more convenient.