KT, ¡®Clip Card¡¯ new concept of telecommunication + finance¡¦21 payment methods included
Jung Yoon Hee | yuni@ | 2017-06-14 09:29:39

KT launched 'Clip Card', an all-in-one smart card device that uses credit card, check card, membership card and transportation card in one card, at KT Square in Jongno-gu, Seoul on June 13. By Yoo Dong Il eddieyou@



"Clip Card will be Korean version PayPal and Alipay."

KT has entered FinTech business sector. The company plans to develop all in one smart card ¡®Clip Card as a FinTech platform. Card will be able to include credit card, check card, membership car etc. The company aims to become the fastest payment company in the world by 2020, with 2 million users for easy payment and a transaction amount of KRW 27 trillion with the aim of attracting 300,000 subscribers this year.

KT has launched ¡®Clip Card¡¯ at Gwanghwamun KT Square, Jongro, Seoul on June 13.

The `Clip Card` is the same type of electronic device as the white card type credit card. It can use up to 21 credit cards, 10 check cards, 10 membership cards, and 1 pre-paid transportation card. This is the first time a telecommunication operator has introduced a simple payment device.

Kim Hyeong-wook, director of the KT platform project team, explained, "Although various FinTech services are coming out, there is no service to shake up markets like American PayPal and Chinese Alipay. Clip Card is a service that combines KT`s ICT technology with credit card infrastructure.¡±

Users register their desired credit card and then connect with `clip card` via Bluetooth and move the card registered in `clip` app after downloading KT`s `Clip` mobile app. Currently, there are three credit cards that can be registered: BC, Lotte, and Hana. KT revealed that it will be able to register other credit cards within the year. On the front of the clip card, users can see the changed card on the 1.3-inch small display. Press `C` to select a payment card and `M` to select a membership card. It can be used for 3 ~ 4 weeks once with 7 ~ 8 times a day.

Currently, various `pay` services are used in the Korean easy payment market. Service providers include mobile phone manufacturers (Samsung Pay, LG Pay), mobile carriers (SK Telecom `T Pay`, LG U Plus `Pay Now`), portals (Naver Pay, Kakao Pay), distributors (Shinsegae SSG Pay, Lotte L Pay) Payment agency (PG), and other carriers (Payco).

Moon Jeong-yong, head of KT platform service, claimed, "There is a paradoxical humor that simple payment actually is not easy service. Various solutions have been introduced to make thick wallets thinner, but they are not yet successful."

According to KT, the simple settlement of the total credit card transaction amount of KRW 651.92 trillion last year was only KRW 10.9 trillion, only 1.7% of the total. Samsung Pay and LG Pay require a specific terminal and operating system (OS), and payment methods such as bar code and short-range wireless communication (NFC) are different for each service. He also pointed out that credit card payments take two to three seconds, while traditional simple payment services take about 15 seconds to get the device out and get payment approval.

KT explained that `Clip Card` is not only a device lock function (pattern lock), but also a high-tech token technology, which generates a virtual number on the card every time it is traded, thereby reducing copying and hacking concerns.

Park Soo-cheol, Director of KT Smart Finance division, said, "We will add functions such as OTP (One Time Password) and bank withdrawal card to the clip card.¡± However, in addition to the need for extra charging, the price will be a stumbling block to the `Clip Card`. The `Clip Card` device price is KRW 108,000 (including VAT). The company explained that it will be almost burdensome when applying for new products to be introduced with affiliated credit card companies. For example, if we use one card `Clip Top 10 Card` in `Clip` app, `Clip Card` will be sent, and if we use more than KRW 100,000, we can get cashback.

By Jung Yoon Hee yuni@


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