Korean bank intends to focus on IoT payments, blockchain, biometrics

According to The Korea Times, Korea’s greatest, and the world’s fifth-greatest credit card firm, Shinhan Card is focusing on blockchain-run face-recognizing payment systems and IoT financial payments, as the nation aims to establish itself as a pioneer of “deviceless” payment services.

He said how Visa’s senior vice president, who directs the company’s innovation arrived in Korea before the Chuseok holiday and told him how he believes that Korea will head the new payment system before the U.S. or China. He said that the digital payments already make up 16.5% of the method of payment for their customers, and that in two years the number has already risen from 12%.

Ryoo is of the idea that Korea will effortlessly be at the top of the game, ahead of competing nations like China and the United States, if its government agreed to spend on a countrywide infrastructure.

He stated how, by September’s end, the Financial Services Commission will decide if they want to designate their facial payment as an innovative financial facility.

Shinhan Face Pay was made available in coffee shops, cafes, and stores, in August. It is expected to be tested in universities in the coming November.

Acknowledging the privacy concerns around the globe, Ryoo emphasized, to the users, how the technology used breached their privacy in no way.

He stated how, unlike the facial payment used by the Chinese which collects original pictures, their system only saves the chief points of the picture, freeing itself from any privacy concerns. He added that their Face Pay also includes age tracing algorithms, which implies that the clients would not have to submit another picture for 10 years.


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Shreyas Tanna

Shreyas Tanna

The winner of the title Mr. Pune 2009, Mr. Shreyas Tanna is currently the young, dashing, and dynamic CEO of a market research company called ResearchNReports in Pune. Fondly known as RNR, the company specializes in market research as well as industry analysis, and is closely associated with its parent company Absolute Market Insights (AMI). Mr. Shreyas Tanna began his corporate journey as the Head of Corporate sales & PR at RED Entertainment while pursuing his degree for MMS (Marketing) from the MGM College of Management, Mumbai. After accomplishing the tedious task of balancing his work and education, he further polished his skills in Corporate Sales, Public Relations, Channel Development, Global Client Engagement, Strategic Consulting, and Brand Development by working with HDFC Life and Researchmoz Global Pvt. Ltd. His dedication towards his work has even won him accolades such as the National Level Performer 2013 – HDFC Life and Mr. Research Moz 2015. A disciplined individual with a loving heart, he is often seen taking crisp walks with an engrossed look and a gentle smile within the premises of his company to interact with the various departments. And he will be usually followed by an adorable trail of his beloved trio of Shih Tzu babies proudly known as Gucci, Drake, and Paris. The most enticing thing that you will notice about this content and proud pet parent is his infectious positivity and the firm belief in his eyes, a reflection of his favorite quote, “LIFE IS BEAUTIFUL!”