Kookmin Bank (@KBstars) introduces South Korea’s first direct #mobilepayments service

Kookmin Bank introduces South Korea's first direct mobile payments service A bank in South Korea known for the introduction of banking innovations which other Korean banks would then follow has done it again. According to an article in the Korean Herald, Kookmin Bank has introduced South Korea's first direct payment service for the country's smartphone users. Users can enjoy the convenience of directly paying for their purchases via an app which called "UbPay". With this service, users can enjoy the direct payment service that debits from their Kookmin Bank account after every purchase.

The move to provide this service is in response to the rising global trend mobile payments. The service and the app have already gained a steady increase in the number of users. To add more value to an already value-added service, Kookmin Bank has integrated a money remitting service for the benefit of foreign workers who work in South Korea. Officially, there are about half a million migrant workers in the tech-savvy country. These foreign employees can use the service to remit in 10 currencies via Kookmin Bank ― those of the Philippines, Vietnam, Indonesia, Bangladeshi, Sri Lanka, India, Cambodia, Taiwan, Russia and China via the use of a smartphone that's equipped with the Kookmin service. That's really convenient!

According to the article, a Kookmin Bank official said, "The service is not about making money. It is basically about helping foreign workers easily remit money to their families.Currently, people have to visit bank branches to take advantage of the service. But we will enable them to enjoy the applications at home through the Internet in the future."

If you would like to find out more about mobile payments and NFC technology adoption in Asia, join us at Cards & Payments Asia 2012 from 25 – 27 April in Singapore. Download our brochure to find out more!


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