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​Seoul to launch to its own mobile payment platform: Report

South Korea's capital Seoul is planning to launch its own mobile payment platform, dubbed S-Pay, and has formed a task force, local media reports.

South Korea's capital Seoul is planning to launch its own mobile payment platform, local media reports.

The municipal government has formed a task force that will work to launch the service, tentatively called S-Pay, which aims to improve payment convenience for citizens and small businesses.

The task force will aim to build the system for the platform and cooperate with banks as well as find partnered small businesses.

The platform will use a mobile app or QR codes. The aim is to lessen commissions paid by businesses when they use credit cards. S-Pay's system won't go through credit card companies' systems.

Seoul mayor Park Won-soon last week said in his inauguration speech that the aim was to reach a zero percent commission rate to lessen the burden of small businesses.

The city is also working with Samsung SDS to apply blockchain into governance.

It is also working with Ground X, a blockchain subsidiary run by chat giant Kakao, to fund blockchain social impact projects.

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