Debit Card in Your Smart Phone

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How many things can you do with your smart phone? Probably, you are using your smart phone right now to read this blog post. There are lots of entertaining things as well, such as music applications, games, SNS communications, and whatever your preference is.

 

Entertaining factors cannot be excluded as a part of smart phone functions, but we are often amazed by how convenient it is to use our smart phones. It seems that our smart phones are replacing lots of things. Literally, smart phones seem to be ‘the only thing’ with us ‘all the time’. We barely forget to bring our phones when going out, even though we might not bring our wallets and bags.

 

However, have you ever experienced something like this? You go out just for seconds, and realize that you need to buy something at a convenience store. You did not bring your wallet, but just your smart phone. In this situation, you might think that ‘Oh, I will come back with my wallet.’ Wasn’t it a hassle to go home to get your wallet?

 

 

 

From now on, you do not need to go back home for such an occasion, as long as you are with your smart phone. Since last Thursday, 8th of November, smart phones can replace debit cards. If you download an authentication certificate in your phone, you can use your phone as a transaction means instead of your debit card. By the way, a daily limit is KRW 300 K.

 

 This is a part of partial amendment to Supervision of Electronic Financial Transaction. FSC expects that this amendment will broaden financial consumers’ payment methods. This new measure will let you have more convenience with your smart phone.

 

Regards,
Frank

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