South Korea to test NFC payments in busiest market in the nation

MyeongDong Street South Korea Mobile Commerce

NFC-powered mobile wallets are getting their first large scale, real world trial in Seoul, South Korea. The city is home to one of the busiest marketplaces in the world, known as Myeong-Dong Street. Hundreds of shops line the street, making it a prime testing ground for the performance of mobile payments. The Korea Communications Commission has teamed with several telecommunications companies, such as Samsung and Nokia, to bring NFC terminals to more than 200 stores lining the street. Smart devices are becoming very popular in South Korea. The number of…

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Citigroup encourages banks to invest in various NFC projects to help promote mobile commerce

Mobile Payments

With more banks and other financial institutions throwing support behind NFC technology, the coming shift toward mobile-based commerce seems inevitable. While the concept of paying for everything with a smart phone has yet to win the hearts of consumers, Citigroup Inc, a multinational financial services corporation, is encouraging more companies to invest in NFC-powered mobile wallets that will make mobile commerce possible. The company asserts that consumers will choose whatever platform they are most comfortable with and believes that financial institutions should participate in as many mobile wallet projects as…

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