KT, a major telecom operator here, launched on Wednesday a prepaid financial service named “Mobile Money” that will be linked with accounts of Industrial Bank of Korea.
The service is designed for smartphones equipped with the Android operating system 2.1 or higher. Compared with other “smart” banking systems, Mobile Money has a faster and easier authentication procedure, KT said.
Users can charge up to 500,000 won to their accounts at mobilemoney.ibk.co.kr, and use the service for various functions such as payment of membership fees.
KT said it will launch the service customized for iPhone soon.