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Korean retail banks will offer a mobile phone banking service that allows customers to send money if they know the recipient’s cell phone number without the need for a mobile banking chip.
Korea Financial Telecommunications & Clearings Institute said Thursday the so-called Ubi Service will be available from Friday. Customers can check their accounts, remit money, apply for the purchase of an apartment and pay bills on their cell phones without buying a handset with mobile banking chip.
People can immediately use the service after registering on the website (www.ubi.or.kr) and downloading the program on their phones.
It also notifies subscribers of outstanding insurance premiums, communication charges and fines by text message and lets them pay by using the SMS call-back function. Samsung Life Insurance customers can pay insurance premiums or receive benefits.
So far, the service is available for nine banks including Korea Development Bank, SC Korea First Bank, Busan Bank, Daegu Bank, Gyeongnam Bank and Jeju Bank. Industrial Bank and Gwangju Bank will launch the service in September and all other banks by the end of the year.
The service is free, but users pay Internet and call charges. Some banks charge for the remittance service.
(englishnews@chosun.com )
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