BC Card launches phone pay platform

BC Card's Phone Pay enables easy payment that only requires a user's mobile phone number. Courtesy of BC Card

BC Card launched Phone Pay, an easy payment platform based on each user's mobile phone number.

If a customer chooses to pay with Phone Pay at online shops that are franchisees of the platform, the customer simply inputs a six-digit PIN for payment linked to their mobile phone number.

BC Card is a South Korean financial services company headquartered in Seoul. It is Korea's largest payment processing company, providing end-to-end payment services, primarily to financial institutions, as well as to local merchants.

The credit card company is currently applying for a patent for the overall payment process of the Phone Pay platform.

The service is open to any customer aged 14 or over who has subscribed to a mobile phone service of any carrier in the country. They have only to register their phone number, methods of payment, and PIN when they use the service for the first time. All the information is encoded by tokenization technology of the credit card company.

Currently, BC Card is the only method of payment that can be registered, but it plans to expand it to accounts, mileage points, or other credit card companies. The credit card company also plans to expand the service to offline franchisees.

Following the launch of diverse payment services that pulled up the market volume, payment service providers are now focusing on qualitative growth by offering services tailored to the needs of each customer.

BC Card explains that the country's high penetration of mobile services prompted it to seek a widely-used and easy payment service by linking its infrastructure in the settlement market with mobile phone services.

BC Card chose CJ Group as its partner to promote its platform, offering Phone Pay in CJ Group's commerce and contents ecosystem such as CJ ONE Membership, Payment Gateway, and gift card service. (Advertorial)