Paycock, a member company of K-ICT Born2Global Centre in South Korea, has inked an MoU with AEB IT, a Russian financial IT enterprise and a subsidiary of JSCB Almazergienbank, to expand its mobile payment solution in the Russian financial market.

As per terms of the agreement, Paycock will first engage in service management and technology transfer, through AEB IT, before providing JSCB Almazergienbank JSC with Paycock Check, its mobile payment solution designed for merchants.

Paycock Check does not need a card-reading device, as the entire payment process is completed using only a smartphone camera and near field communication (NFC) technology.

Unlike the card-reading devices, Paycock Check is up to 95% cheaper in terms of operating costs.

Besides issuing cash receipts, the service provides credit card, barcode, and QR code payment options.

Paycock CEO Kwon Hae-won said: “Our presentation and promotion of Paycock’s business model through meetings with Russian IT companies, banks, and investors, for which we received assistance from the Born2Global Centre, led to our signing of the MOU with AEB IT, which had expressed great interest in our work.

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“All parties agreed that our convenient mobile payment service is a new technology with great potential for application to the Russian market, where the fintech industry remains largely a blue ocean. In the future, we will be focusing our efforts on supplying related services to the local market.”