Changing Banking Map
The Bank Wallet Kakao service makes its debut on Nov. 11. In addition, a number of new-concept banking services combining finance with information and communications technology (ICT) are expected to follow the mobile messenger-based remittance service one after another.
“I am convinced that we need to ponder upon the establishment of Internet banks now,” said Financial Services Commission chair Shin Je-yoon on Nov. 4, adding, “The foundation of such IT banks needs to be examined in earnest once the social consensus is formed regarding the limitation on industrial capitals’ possession of banks.” The remarks imply the relaxation of regulations, such as the separation of banking and commerce and the real-name financial system, taking Bank Wallet Kakao as an opportunity. Then, the advent of unprecedented banking services can be accelerated.
Bank Wallet Kakao, which facilitates sending and receiving online payments from a user's personal bank account, is signaling a significant change in the financial market. If a user registers a cash or credit card with the service, they can pay sums of up to 6 million won via just a simple mobile phone contact.
But new financial service ideas are not limited to Bank Wallet Kakao. Other examples include online lending, remote purchases of goods, comparison of apartment house prices using augmented reality, and financial transactions utilizing Bluetooth and location-based services.
The non-banking sector is even more eager to come up with novel services. Credit card companies are flocking into online, non-ActiveX payments by launching Kakao Pay with Kakao and the like. Also, they are moving to launch a service similar to PayPal through card information sharing with payment gateways.