Paycock, a member company of the K-ICT Born2Global Center, a major Korean government agency under the Ministry of Science, ICT and Future Planning (MSIP), announced July 12 that it has signed a memorandum of understanding (MOU) with Russia’s IT firm AEB IT and will enter the Russian financial market, which is expected to rapidly grow in the future, with its mobile payment solution.
AEB IT is a subsidiary of JSCB Almazergienbank JSC, one of Russia’s major banks.
Paycock will provide JSCB Almazergienbank JSC with its “Paycock Check” mobile payment solution for seller as well as service management and technology transfer through AEB IT.
Paycock Check allows users to make payment with a smartphone camera and near-field communication (NFC) technology. So, it does not require a traditional card-reading device. The mobile payment solution is up to 95 percent cheaper than conventional card-reading devices. It also enables to pay via not only physical credit and debit cards but also barcode and QR code and to issue cash receipt.
Paycock applied for 14 patents for the product and registered two patents. The company has secured security and authentication technologies which are needed for business.
The latest MOU was signed as Paycock participated in the K-Global@Moscow 2017 held by the K-ICT Born2Global Center in Russia last month.
Born2Global Center President Kim Jong-gap said, “The smartphone-based mobile payment market in Russian and Eurasia has great potential, though not many Koreans know that. We will continuously seek out not only fintech but also domestic startups with promising technologies and help them successfully run business in the local market.”