▶ KT to launch the world's largest smart financial service alliance, MoCa Alliance
▶ MoCa to provide brand new value to customers, financial institutions, distributors, and retailers.
▶ Smart composite payment and self security payment functions to be applied for the first time in the world
New smart financial service has been launched so that smart phone users can make credit card payments, use discount coupons and collect membership points on their single device.
On Dec 5, KT (Chairman, Lee, Suk-Chae, www.KT.com) announced the so-called MoCa Alliance at a press conference attended by representatives of various sectors including finance, retail, e-business solutions and telecommunications at its Olleh Square in Gwanghwamun, central Seoul.
The alliance is the world's best coalition of over 60 companies including Kookmin Bank, NH Bank, Standard Chartered Bank, JeonBuk Bank, Shinhan Card, BC Card, Kookmin Card, Hyundai Department Store, Shinsegae Mall, Shinsegae Department Store, E-Bay Korea, Cafe Bene, Homeplus, Aladdin, Kyobo Book Center, online payment service company, Harex Info Tech, and Unicef. MoCa, a compound word of "money" and "card," encompasses payment, billing and commerce.
Through the MoCa service, customers can use and manage coupons, membership points, credit cards, check cards, bank accounts, gift vouchers and electronic money in one app. Payments are safer as they are made directly from users' smartphones, minimizing the risk of card or personal information being leaked,
In the past, customers had to select mobile wallet services for a particular companies or industries with a limited number of registered outlets and credit card companies using the service.
On top of that, customers had difficulty using benefits from membership cards and coupon cards they own, and those benefits were not integrated to use. There was also possibility of personal data leaks.
KT launched the MoCa service in which financial services, distributors, outlets, and solution and telecom companies have all cooperated as partners, in order to get rid of some inconvenience and problems that customers encountered while using the service. Nearly 70% of domestic banks and 86% of credit card companies, and the nation's largest outlets and distributors have joined the alliance.
'MoCa Alliance' plans to provide a new financial paradigm implying such values as 'convenience', 'benefit' and 'security' to its customers, financial institutions and outlets.
For this service, two functions called smart composite payment and self security payment have been applied for the first time in the world. The first enables the collection or use of various membership points and coupons at the same time the payment is made. The second has stores verify the authenticity of transactions before they are made by sending information to the users' phone for approval.
Hence, customers can be easily registered in the service with a six-digit PIN to use MoCa, which enables the collection of membership points or coupons and the payment at the same time without worrying about the possibility of personal data leaks.
Financial companies can reduce the financial burden associated with dongles and value added networks (VANs) by registering and using already-issued cards and accounts. In addition, they will not need separate mobile credit cards so that they can have a chance to extend into niche markets. They can also reduce another burden coming from the risk of personal financial information being leaked.
The new system can shave up to 90 percent off the time it takes stores to process payments made online and offline. It will also be cheaper for them to manage people's personal information, save on commission fees and increase sales.
There are no risk of personal information being leaked, no need to carry wallets, and no dongle in the MoCa service. There are also more ways of payments being made, more financial service institutions and smart phone devices can benefit from the MoCa service.
The MoCa app can be downloaded from Apple's App Store, Google Play Market and Olleh Market. Subscribers of all three mobile carriers - KT, SK Telecom and LG U+ - can use it.
"In order to help customers enjoy a 'smart' financial life, KT and domestic representatives of financial, retail and e-business solutions companies have cooperated as partners," said Pyo Hyun-myung, the president of KT. "KT will help consumers to make smart buys as it aims to lead the world's smart financial market."
※ For more inquiries : Jin, Byung-Guan, KT Public Relations (02-730-6319)
1. MoCa Alliance Partners List (60 companies)
[Chart] MoCa Alliance Partners List (60 companies)