Shinhan Card "Pay with just a touch on iPhone"

Utilizing Ultrasonic Technology, Pilot Project for iPhone Touch Payment
Applicable to All Smartphones Including iPhone

[Asia Economy Reporter Ki Ha-young] Shinhan Card customers will soon be able to make touch payments at offline merchants using iPhones.

On the 5th, Shinhan Card announced that it will launch a pilot project for the Shinhan PayFAN touch payment service for iPhones, utilizing ultrasonic technology jointly developed with 'Dansol Plus,' the 5th cohort of Shinhan Futures Lab. This is the first time in Korea that offline touch payments are possible with iPhones.

Shinhan PayFAN touch payment, launched in June last year, is a service that allows payments at all offline merchants simply by touching a smartphone to the payment terminal. Currently, it has surpassed 8 million cumulative transactions and 200 billion KRW in cumulative transaction volume.

Until now, iPhones and other devices that could not use touch payments can now make mobile payments offline using the newly developed technology. The product called Touch Payment Plus, which is attached to the smartphone, converts the ultrasonic signals emitted by Shinhan PayFAN and transmits one-time payment information to the merchant's payment terminal to complete the payment.

Shinhan Card plans to operate a pilot customer experience group mainly targeting iPhone users. Based on customer feedback, they will pursue function upgrades and diversification of the product lineup.

Yoo Tae-hyun, Head of Digital First Division at Shinhan Card, said, "For the first time in Korea, iPhones can now make offline payments through Shinhan PayFAN," adding, "We plan to continuously improve and expand the service to develop market-leading solutions."