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Press Release
SK Telecom and LG Telecom Have Executed a Strategic Affiliation in a Cellular Phone Payment/Billing Business
2002.09.11 PrintThe two companies have reached an agreement for unification of infrared ray wireless communication standardization.
Anticipating a government policy, utilizing investments, and revitalizing business.
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Jin Seuk Cha, managing director of SK Telecom`s m-Finance Division, and Seu Young Nho, managing director of the LG Telecom`s Service Development Office(right), are signing a joint venture agreement in the cellular phone payment/billing business, and shaking hands at LG Kangnam Tour, Yeuksam Dong.
SK Telecom (www.sktelecom.com) has strategically joined with LG Telecom (www.lg019.co.kr) by agreeing to conduct a cellular phone payment/billing business together.
Under this joint business agreement, both companies agreed to apply "IrFM", developed by SK Telecom, as the cellular phone payment/billing method, and to use member stores of both companies in common. They also made the decision to expand member stores quickly, to better enable cellular phone payments and settling of accounts through joint marketing promotions.
With this agreement, both companies can better anticipate the government’s standardizing policy, increase investment efficiency through joint distribution of payment/billing infrastructure, and ease the burden of cellular phone manufacturers’ development expenses.
This also accelerates the standardizing and unification of our national technology in the cellular phone credit card payment business, as well as grounding the activation of m-Commerce as the forerunner in this area of the world.
Both companies pointed out the significance of this affiliation. It helps to avoid heavy competition between them in the cellular phone payment methodology, and allows the building of a strong cooperative effort in the business. It also solves many difficulties in standardization and complying with government Policy.
The cellular phone payment/billing business by both companies is the most basic part of Mobil Commerce that provides services in credit cards, e-money, transportation card functions, and personal ID, by installing a small IC card chip in the cellular phone.
Under this joint business agreement, both companies agreed to apply "IrFM", developed by SK Telecom, as the cellular phone payment/billing method, and to use member stores of both companies in common. They also made the decision to expand member stores quickly, to better enable cellular phone payments and settling of accounts through joint marketing promotions.
With this agreement, both companies can better anticipate the government’s standardizing policy, increase investment efficiency through joint distribution of payment/billing infrastructure, and ease the burden of cellular phone manufacturers’ development expenses.
This also accelerates the standardizing and unification of our national technology in the cellular phone credit card payment business, as well as grounding the activation of m-Commerce as the forerunner in this area of the world.
Both companies pointed out the significance of this affiliation. It helps to avoid heavy competition between them in the cellular phone payment methodology, and allows the building of a strong cooperative effort in the business. It also solves many difficulties in standardization and complying with government Policy.
The cellular phone payment/billing business by both companies is the most basic part of Mobil Commerce that provides services in credit cards, e-money, transportation card functions, and personal ID, by installing a small IC card chip in the cellular phone.