Cash & Liquidity ManagementPaymentsJapanese and South Korean Telecoms Prepare for Cross-border NFC m-payments

Japanese and South Korean Telecoms Prepare for Cross-border NFC m-payments

Japanese wireless operator NTT DoCoMo and South Korean peer KT Corporation have firmed up plans to enable their customers to make near field communication (NFC) mobile payments (m-payments) in each other’s countries.

In February 2011, both companies began using a joint business and technology co-operation committee to develop NFC common specifications for incorporation in devices, networks and billing platforms. They now aim to have a system in place by summer 2013 that will allow NTT DoCoMo customers to use their Japan-purchased handsets to make contactless payments at 52,000 locations across South Korea which accept eB Card’s Cashbee electronic money (e-money).

Cashebee is used by around five million Koreans at department and convenience stores, and mass transportation facilities such as subways and buses.

The partners also plan to work on other NFC-based cross-border services such as m-payments, promotional coupons and mass-transit ticketing and to promote the idea of compatible systems with other countries.

“DoCoMo is excited about creating a cross-border environment that enables Osaifu-Keitai [its mobile wallet] services both in Japan and abroad,” said Toshiki Nakayama, managing director, frontier services, DoCoMo. “Going forward, we will partner with international operators and service providers to drive the development of m-payment businesses for increasingly enhanced mobile experiences on a global scale.”

Related Articles

The Challenge of Building and Maintaining a Central Treasury Operation in a Decentralized Company

EEA The Challenge of Building and Maintaining a Central Treasury Operation in a Decentralized Company

5m BELLIN
The Treasury Challenge of a Post-Merger Integration

EEA The Treasury Challenge of a Post-Merger Integration

5m BELLIN
The Challenge of Integrating Worldwide Subsidiaries into one TMS

Baltics The Challenge of Integrating Worldwide Subsidiaries into one TMS

5m BELLIN
Q&A with BMG's treasury : BELLIN - We Love Treasury 2

EEA Q&A with BMG's treasury : BELLIN - We Love Treasury 2

5m BELLIN
PSD2: dull name, but seismic effect

Clearing & Settlement PSD2: dull name, but seismic effect

5m Alex Kwiatkowski
2017's most read: Correspondent banking: still in rude health?

Bank Relationships 2017's most read: Correspondent banking: still in rude health?

6m Henry Balani
2017's most read: The future of cash management: the single multi-currency virtual account

Accounts Payable 2017's most read: The future of cash management: the single multi-currency virtual account

6m Matthew Fuellhart
2017's most read: Open API: unlocking innovative new services in banking

Automation 2017's most read: Open API: unlocking innovative new services in banking

6m Lu Zurawski