Mobile banking service with USIM chips to be made available in Korea by November

The concept of mobile banking isn’t new. It has been available in many parts of the world for several years now. You can access your bank account, transfer funds, pay your bills, all with the magic of your mobile phone in hand.

Yet some people still prefer to do it the old fashioned way: by going to ATM machines and punching their passcode on keys that look as old as time. Surely, these people will welcome change, right?

Well, at least those in Korea will soon have to. The sub-committee on Financial Digitization of the Bank of Korea has chosen to use regular Universal Subscriber Identity Modules or USIMs to use the CD and ATM networks of all banks in the said country. It hasn’t provided clear details as to how exactly the service will work, but it says it could be made available in November at the earliest.

They did say, though, that USIMs pre-packaged inserted in mobile phones will let users download the service program, as well as their account information and password onto it. Users will then be able to conduct mobile banking by putting their mobile phones close to sensors in CD and ATMs.

It’s a great concept and convenient service, as long as you don’t misplace that mobile phone of yours.

Via Telecoms Korea

Author: David Gonzales

I run the blogosphere.

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