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March 29, 2016updated 04 Apr 2017 3:59pm

SK Telecom launches mobile payment service T-Pay

South Korean telecom operator SK Telecom has rolled out its mobile payment service, called T-Pay, that enables users to make purchases without ever touching their phones.

By Verdict Staff

South Korean telecom operator SK Telecom has rolled out its mobile payment service, called T-Pay, which enables users to make purchases without ever touching their phones.

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T-Pay, which is based on Bluetooth Low Energy (BLE) hands free payment platform, currently, has more than 100,000 subscribers since its launch on 15 March 2016.

The service enables two-way communication between BLE POS (point-of-sale) and customers’ smartphones to realize hands free payment.

The newly launched platform, which includes a barcode payment feature for improved security, generates one-time barcodes every three minutes. It also encrypts all payment related data to protect user’s personal information.

The T Pay service integrates ‘T Membership’ benefits to its payment service to offer discounts provided under SK Telecom’s T Membership rewards programme that offers discounts at partner/member stores.

T Pay is charged to customer’s mobile phone bill, and allows users to make transaction up to KRW 500,000 (nearly $427) per mobile number, per billing month.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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