Japanese mobile operator, NTT DOCOMO, is partnering with South Korean telecom operator, KT Corporation, to develop a cross-border e-money service (view press release). The new service will allow DOCOMO customers with compatible smartphones purchased in Japan to use a prepaid e-money service dubbed Cashbee in South Korea.
Since February of last year, the companies have been working together to explore opportunities for seamless cross-border mobile services using smartphones. They plan to deploy a new system to enable this and other cross-border NFC services between their two countries by the end of the first half of fiscal 2013 ending in March 2014. They will then consider the deployment of other NFC-based cross-border services, such as mobile payments, promotional coupons and mass-transit ticketing.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more