Simple Payment Services
Starting on Dec. 29, online shoppers will need only their ID and passwords on credit card purchases.
Simple payment services will be implemented nine months after President Park mentioned the difficult reverse direct purchases of coats worn by Chun Song Yi in the SBS Drama “My Love from The Stars,” calling for the necessity of a reform in regulations on Internet purchasing.
According to sources in the credit card industry on Dec. 28, most credit card companies, including Shinhan Card, Samsung Card, and Hyundai Card, will provide one-click services from Dec. 29, after successfully building a simple payment system that does not involve an authentication procedure when making an online payment.
Currently, users should enter their IDs and passwords to pay for items online when purchases are below 300,000 won (US$273). But when the total account exceeds that amount, an additional procedure is needed through SMS or ARS authentication. This procedure will no longer be necessary in the near future.