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| LG Uplus Vice Chairman Lee Sang-chul, left, listens to a briefing about cooperation between telecom and financial industries during his visit to the Master-Card exhibition booth at the Mobile World Congress 2015 in Barcelona, Spain, Tuesday. / Courtesy of LG Uplus |
By Yoon Sung-won
LG Uplus Vice Chairman Lee Sang-chul has emphasized the significance of business opportunities in new financial services triggered by mobile technologies and the company's FinTech service.
FinTech covers technologies that allow more convenient payments on mobile platforms.
"The rise of new technologies, alternative business models and business-to-business markets is creating new financial services, expediting disintermediation of existing financial services in various industries," Lee said at the Mobile World Congress (MWC) 2015 in Barcelona on Tuesday. "We will soon learn about the future of the rapidly changing financial services sector and how financial institutions will react to this change."
LG Uplus said financial disintermediation referred to a disruptive market agent diversifying traditional financial transactions.
The company said it had focused on the mobile payment market for services such as public transport, because several million customers were already starting to use this service.
Lee also visited Samsung Electronics' exhibition booth to look into the company's mobile payment platform, "Samsung Pay," which has been introduced alongside the Galaxy S6 smartphones.
The company said it would push ahead with the FinTech business by promoting its mobile payment service "Paynow."
This was launched in November 2013 and allows users to pay without complicated procedures such as ActiveX and a certificate. Users could download the application from Google's Play store and Apple's App Store regardless of their mobile carrier, the company said.
LG Uplus also said on Tuesday that it would expand its FinTech services to wearable devices.
The company has also introduced various electronic wallet services. It has mounted the "Smart Wallet" service for LG Electronics' long-term evolution smartwatch, "LG Watch Urbane LTE." The new service supports barcodes and near-field communication (NFC) technology. Users can manage various membership cards and coupons and pay by swiping the device over the NFC or barcode readers.
