 Kim Shin-bae |
SK C&C, the technology services arm of SK Group, is making a move to enter the lucrative U.S. mobile commerce market.
In a statement released Thursday, SK C&C said it signed an agreement with First Data Corp. (FDC), a global leader in electronic commerce and payment processing, to provide Trusted Service Manager (TSM) services.
Mobile payment technology allows users to pay for things using their mobile phones, doing away with credit cards. The TSM services make it safer and more efficient for users to download and process payment accounts on their mobile phones.
``With the smartphone craze in the U.S., the global mobile payment market is growing rapidly. The opportunities in this market are endless, with electronic payment market leader FDC and mobile innovation leader SK C&C working together to expand mobile payments,’’ said SK C&C chief executive officer Kim Shin-bae.
The Korean company will provide TSM services and m-wallet (electronic wallet) solutions, while FDC will be involved in marketing and sales. SK C&C and FDC will start providing mobile payment services in the U.S., Canada and Mexico early next year.
``We are uniquely positioned to succeed in the mobile commerce market, with FDC’s global e-payment expertise and SK C&C’s successful experience in mobile commerce,’’ said Edward Labry, president of FDC's retail and alliance services, in a statement.
FDC is a global technology and payments processing leader that serves more than six million merchant locations and thousands of card issuers in 36 countries.
The mobile payments market in the U.S. is seen as growing rapidly in the next few years. The popularity of smartphones, such as Apple’s iPhone, has increased consumers’ acceptance of using their mobile phones to make purchases, instead of the usual credit and debit cards.
According to consulting group EDC, U.S. mobile payments are estimated to hit $2.8 billion (3.4 trillion won) in 2010. By 2015, U.S. consumers are forecast to make mobile payments of $67.5 billion.
Kim expressed hope the deal will allow SK C&C to push through with its global expansion plans, as it seeks new growth engines.
``After the North American market, we expect to expand our mobile commerce solutions and services business to China and other Asian and European markets,’’ Kim said.
SK C&C is aiming to become a global IT leader. Its global strategy involves pursuing mobile commerce and e-Government businesses in the U.S., China and emerging markets.
In 2007, SK C&C was established in India, and SK C&C Systems was established in China. In 2009, it established branch offices in Atlanta and Dubai.
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