10 Million Use Mobile Banking In Korea

Posted by on Feb 26, 2006

Mobile Banking.jpg
There are now more than 10 million Koreans using mobile-banking enabled handsets, up from 1.1 million in 2002, reports Moco News, via Mobile Monday.
“Currently, one chip can accommodate mobile banking service for just one bank, which means customers are required to exchange chips specific to a certain bank every time they make a transaction.
To rectify this, mobile carriers led by SK Telecom are seeking to invent new types of chips that will include several credit cards and debit cards in a single smart chip.
The operators’ commitment to the smart chip, however, aroused the ire of some banks that raised concerns regarding the security of the new solution.
Banks seem to worry that mobile carriers will gain the upper hand if the smart chips that include customer information of many bankers are introduced by carriers,” a Seoul analyst told Korea Times. “Banks think that then wireless operators will hold master keys to the smart chips and will exert sweeping clout over them.”