Payments News

On The Web

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Global

Mobile Payment Accelerates Demise of Coins, Banking Branches

“Last year, the number of newly minted coins hit the lowest value on record and the number of banking branches continued to drop, according to data on Monday.The Bank of Korea, the nation’s central bank, said newly issued coins last year amounted to some 36.4 billion won ($30.9 million) in value, the lowest since comparable […]
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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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Global

Coupang and Payoneer Partner to Empower Millions of Sellers to Tap Into One of the World’s Largest ECommerce Markets

“Payoneer (NASDAQ: PAYO), the commerce technology company powering payments and growth for the new global economy, and Coupang, one of the largest e-Commerce companies in Asia, today announced a new partnership that will provide hundreds of thousands of sellers from across the globe with the opportunity to more easily expand and sell into South Korea. […]
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Deals

Kakao Pay Files an Updated Prospectus for IPO in October

“Kakao Pay is Korea’s biggest financial service platform that covers essential daily finance from digital payments, money transfer, insurance, loan, and asset management. We are pursuing innovative challenges through cooperating with about 130 financial service providers”, Kakao Pay CEO Alex Ryu said. The CEO added that the company will continue to bring about positive changes in the […]
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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 […]