Sunday, December 13, 2009

SK Telecom Pursues Mobile Credit Card Strategy

SK Telecom, which provides mobile services to 24 million (roughly half of South Korea's population, is planning to introduce mobile credit card service in conjunction with Hana Financial Group. As part of this plan, SK Telecom has agreed to acquire a 49% in Hana Card for approximately $343 million. The goal would be to use a chip embedded in the mobile phone to initiate credit card payments.