S. Korean digital wallet service starts supporting Google's app market

By Park Sae-jin Posted : October 10, 2017, 16:40 Updated : October 10, 2017, 16:40

[Courtesy of PAYCO]



Instead of using credit cards to buy contents from Google's app market, South Korean users are now capable of paying up with "PAYCO Point", a pre-paid digital wallet service.

PAYCO Point is one of the most widely-used digital payment systems in South Korea, favored by young people as its points are filled up by using cash or gift vouchers. It can be used at online shopping malls.

"Users of Google Play can use PAYCO Point as a method of payment," NHN PAYCO, a fintech company in charge of the digital wallet service, said in a statement Monday. 

Previously, users had to choose between a credit card or charges being added onto their phone bill when they bought contents from Google's app market.  PAYCO is the first simple digital payment platform to be adopted by Google as a payment method.

There have been unconfirmed reports that Google's own digital wallet service, "Android Pay", is preparing to start its service in South Korea next year. "Along with Apple Pay, Android Pay is also rumored to start its digital wallet service in South Korea," an expert who has been in the related industry for about 10 years, told Aju News on condition of anonymity.

Android Pay uses NFC to create a wireless connection between smart devices and electronic cash registers, allowing users to pay at offline stores with smartphones. "Samsung Pay" and "LG Pay" use similar processes.     

"Both Google and Apple are said to be discussing with commercial banks about joint services but it is unclear whether the tech giants would actually launch their service in South Korea," the expert said, citing "territorial acts" by local competitors. South Korea's digital wallet market is small, compared to other countries like China and Japan.

 
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