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.
PREVIOUS AND RELATED COVERAGE
With the 3.5GHz and 28GHz spectrum auction complete, the South Korean government and telcos are set to roll out 5G in December.
Providing the connectivity behind IoT solutions has seen Vodafone help recover almost 1,000 stolen vehicles, assist hundreds of children unable to attend school, and keep track of beer kegs across Australia.
In South Korea's small towns and big cities, the Internet of Things (IoT) is changing everything from utilities to subways to buildings as more municipalities and companies capitalise on new computing and network technologies.
Focus, value added and convenience are big reasons why Starbucks remains the mobile payment app leader based on eMarketer data. Here's a look at the bigger digital transformation picture.
New report calculates more than 5.5 billion biometrically-enabled mobile devices will be in use by 2022, including fingerprint and face scans.