Cell Phones Now Debit Cards in South Korea

In one of South Korea's latest efforts to establish itself as a technology trendsetter, the country's three telecom giants, major credit card companies and several banks have been working for a year to enable Koreans to pay for everything from groceries to gasoline by cell phone. Handsets have a debit card inside, and pushing its "hot key" beams the information to complete the transaction, according to Silicon Valley.com via Smart Mobs

"Instead of handing over credit or debit cards that get swiped, users type their passcode on the phone keypad, point the device at a special receiver on a checkout counter and press a key. It's as simple as operating a TV remote."

emily | 5:35 PM | SMS and Banking |
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