South Korean banks have implemented NFC payments

Fri 29 Mar 2013

BankWallet, South Korean NFC service based on prepaid accounts, was represented by a group of local banks. Launched by Korean telecommunications and financial clearing Institute (KFTC), service BankWallet stores payment information on account holders SIM-card. BankWallet application for smartphone allows users to perform financial operations and P2P transfers. Service is supported by 16 banks.