I bet each and every one of our readers have a smartphone or a tablet PC these days. We, living in the world with new technologies, seek further convenience and quicker access to extensive information. This phenomenon applies to the way you make financial transactions. Accordingly, financial authorities made some amendments to electronic finance supervision and regulation.
Let’s find out what regulatory changes were made. First, new regulation makes it more diverse to approve automatic withdrawal by direct debit card. There were two ways of approval before. One is accreditation in writing, while the other is using the officially recognized authentication certificate. Many users downloaded their own authentication certificate in smart phones, PCs and other portable devices. However, some inconvenience was raised, since setting automatic scheduled transfer requires ‘face-to-face’ approval at banks. It asks users to visit bank and sign on paper-based approval form, which is a time-consuming process. With the newly revised regulation, from now on, you can make ‘electronic signatures’ replacing the face-to-face approval process.
This is not the end of changes, as there is another significant change. For the debit card users, the Financial Services Commission made it possible to insert the function of debit card into smart phones. You may apply for this service at banks by registering your card details and putting them into your electronic device. Once registered, you will be able to use your smart phone to make petty payments, such small amount of transactions at convenience stores. One thing to be reminded is that there is maximum limit, KRW 300 thousand. This maximum limit was set to prevent reckless transactions and to settle sound consumption patterns.
New measures introduced today seem to provide us with a greater extent of convenience in electronic finance. Do not miss out this useful information tip, and share it with your friends as well!