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Press Release
Agrees to issue SK Telecom’s MONETA IC chip card with all credit card packages issued by Samsung Card.
Applies for issuing of Samsung MONETA IC chip card at 2,500 SK Telecom authorized exclusive dealers nationwide, and at homepages of both companies
Establishes cooperative business model between mobile communications operator and financial firm by sharing of their roles.
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Bang Hyung Lee, vice-president of SK Telecom, and Seok Kim, vice-president of Samsung Card, are shown signing the contract. On August 18, SK Telecom and Samsung Card signed a comprehensive affiliation contract for mobile payment services.
On August 18, SK Telecom and Samsung Card signed a comprehensive affiliation contract for mobile payment services. A joint ceremony announcing the strategic alliance took place in SK Telecom’s head office with the participants being Bang Hyung Lee, vice-president of SK Telecom, and Seok Kim, vice-president of Samsung Card. Both companies agreed to issue an SK Telecom MONETA IC chip card in all credit card packages issued by Samsung Card.
Due to the strategic alliance between the two companies, all Samsung Card members can receive a MONETA IC chip card, other than a magnetic credit card, that allows use of SK Telecom’s membership and transportation fee payment services via their cellular phone along with Samsung Card’s credit card and mileage point services.
The MONETA IC chip card for cellular phones will be issued not only for new Samsung Card members, but also for existing members. Previously SK Telecom’s MONETA card used to be issued only to new subscribers.
The comprehensive affiliation contract signed by SK Telecom and Samsung Card embraces the implementation of a "Credit Card Wireless Download Plan" by using OTA and Over The Air technologies. These technologies let users directly download a variety of financial services such as credit cards, through the IC chip installed inside a cellular phone.
This service has an important meaning because the mobile communications service providers and credit card firms roles are clearly defined, and it establishes a cooperative business model between mobile communications and finance in the converged market of mobile services and financial payments.
Bang Hyung Lee, vice-president of SK Telecom commented, "The strategic alliance between SK Telecom, Korea’s largest mobile communications operator, and Samsung Card, the number one credit card firm in Korea, will firmly lay the groundwork for boosting mobile payment services in the marketplace. Due to this service, the complete convergence of finance and telecommunications will be rapidly accelerated".
Customers can apply for the issuance of Samsung MONETA IC chip cards at 2,500 SK Telecom authorized exclusive dealers nationwide, or at the homepages of both companies.
Due to the strategic alliance between the two companies, all Samsung Card members can receive a MONETA IC chip card, other than a magnetic credit card, that allows use of SK Telecom’s membership and transportation fee payment services via their cellular phone along with Samsung Card’s credit card and mileage point services.
The MONETA IC chip card for cellular phones will be issued not only for new Samsung Card members, but also for existing members. Previously SK Telecom’s MONETA card used to be issued only to new subscribers.
The comprehensive affiliation contract signed by SK Telecom and Samsung Card embraces the implementation of a "Credit Card Wireless Download Plan" by using OTA and Over The Air technologies. These technologies let users directly download a variety of financial services such as credit cards, through the IC chip installed inside a cellular phone.
This service has an important meaning because the mobile communications service providers and credit card firms roles are clearly defined, and it establishes a cooperative business model between mobile communications and finance in the converged market of mobile services and financial payments.
Bang Hyung Lee, vice-president of SK Telecom commented, "The strategic alliance between SK Telecom, Korea’s largest mobile communications operator, and Samsung Card, the number one credit card firm in Korea, will firmly lay the groundwork for boosting mobile payment services in the marketplace. Due to this service, the complete convergence of finance and telecommunications will be rapidly accelerated".
Customers can apply for the issuance of Samsung MONETA IC chip cards at 2,500 SK Telecom authorized exclusive dealers nationwide, or at the homepages of both companies.