South Korea plans contactless authentication
South Korea plans to roll out commercial services for personal authentication for online and mobile payments utilizing the short-range wireless technology used in credit cards, officials said Tuesday.
According to the Office of Government Policy Coordination, the government is set to approve the new service, which grants users personal authentication using Near Field Communication (NFC)-tagged credit cards. Commercial service is expected to begin late this year.
If users place their NFC-enabled credit cards on the back of their smartphones, the smartphones can read their personal information. During the process, credit card firms and credit appraisal firms share the information to prove whether the information is genuine.
