Payments News

On The Web

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Global

Electronic payments in S. Korea surge in Q2

“The amount of payments made electronically in South Korea continued to rally in the second quarter as a growing number of people use mobile shopping and remittance services, central bank data showed Thursday. The daily average amount of electronic financial transactions came to a record 117.4 billion won (US$104.87 million) in the April-June period, up 17.4 […]
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Deals

SoftBank doubles down on Korean online retailer Coupang with $2 bln investment

“The latest investment follows the $1 billion that SoftBank invested in Coupang in 2015 and values the eight-year-old startup at around $9 billion, a source close to Coupang said. Coupang has since grown rapidly to become a major player in the country’s e-commerce market. It clocked 2.7 trillion won ($2.4 billion) in revenue last year, with […]

On The Wires

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Companies

Starbucks Korea Debuts Voice Ordering through Samsung’s Bixby

“Bixby allows My Starbucks Rewards™ customers in South Korea to place an order and pay through voice recognition “on command.” The feature allows customers to speak just as if they were talking to a barista in-store, including modifying their beverage to meet their personal preference. Bixby users who are not registered on the My Starbucks Rewards™ program […]
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Global

Mobile Payments at Convenience Stores Spike This Year

“The percentage of mobile payments out of total settlements at convenience stores expanded to 3.5 percent this year, compared with 1.9 percent last year and 1 percent in 2015. “The number remains in the single-digit range, but the easy mobile settlement system has been growing at an exponential pace,” a CU official said. Currently, CU allows customers […]
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Companies

Alipay Launches World’s First Paperless Tax Refund Service in South Korea

“The newly introduced tax refund service in South Korea further simplifies the process by enabling Chinese tourists to apply for and claim tax rebates on their mobile phone app, skipping in-city and airport tax refund counters altogether. After scanning their passports at self-service kiosks prior to leaving South Korea, Chinese tourists can process tax rebates […]