Intelligent Financial Service Company
BC Card, the flagship financial company of DIGICO KT, has been continuing to collaborate with KT Group to build a new payment platform that combines finance and communication and innovate customer digital experiences since Choi Won-seok took office last year. As a first achievement, it launched a 'Phone Pay' platform that allows payment only with a mobile phone number. It is expected to lead a new payment paradigm based on the world's best mobile communication infrastructure such as 5G in the future."
BC Card (CEO Choi Won-seok) announced on the May 3rd that it will launch a "Phone Pay" platform that allows users to easily pay only with mobile phone numbers.
Phone Pay is a mobile simple payment platform that utilizes customers' mobile phone numbers. If you select Phone Pay as a payment method at an affiliated online merchant, you can simply pay through your mobile phone number with just entering a six-digit password.
In particular, BC Card is also in the process of patent registration for the entire payment process applied to the Phone Pay platform.
It can be used by any customer aged 14 or older who subscribes to mobile communication regardless of the carrier. Customers can register their mobile phone number, representative payment method among their credit or debit cards, and payment password once in the registration window that opens when selecting Phone Pay at affiliated online merchants. All payment information is encrypted with BC Card's tokenization technology, so customers can make payments safely.
The payment method that can be registered will first start with BC Card and expand to other credit card companies as well as bank accounts and any kind of pre-paid or accumulated points. In addition, BC Card focuses its alliance capabilities and technology so that customers can use it not only at online but also at offline.
BC Card analyzes that while the simple payment market has been growing due to the emergence of various services, today's simple payment market has entered a maturity period that requires qualitative growth focusing on the characteristics and needs of customers.
Considering the characteristics of Korea, which has a significant penetration rate of mobile communication, it is explained that it launched the service to provide more general-purpose simple payment service by combining mobile phone numbers and its payment infrastructure that are familiar to broad users.
Meanwhile, BC Card also joined hands with CJ Group to vitalize Phone Pay. BC Card plans to strengthen phone-based payment convenience and customer digital experiences in CJ Group's commerce and content ecosystem, starting with CJ ONE membership, PG (Payment Gateway), and gift card services along with CJ Olive Networks.
In addition, BC Card plans to lead innovation in customer experience based on Phone Pay through synergy at the KT group level in the future.