[Asia Economy Reporter Koo Chae-eun] The electronic signature service 'PASS Certificate' provided by the three major telecom companies has surpassed 20 million issued certificates as of the end of November.
According to the telecommunications industry on the 2nd, the 'PASS Certificate' has seen rapid user growth, having surpassed 5 million issued certificates in August last year, 10 million in January this year, and 20 million by the end of last month. The 'PASS Certificate' is an electronic signature service offered through the authentication application (app) 'PASS'. The three telecom companies (SK Telecom, KT, LG Uplus) and fintech security company Aton are joint operators.
The biggest advantage is that it can be easily issued without entering personal information or using a public certificate during identity verification. By agreeing to the terms and completing a 6-digit PIN or biometric authentication, issuance is possible within one minute. After registration, electronic signatures can be made immediately by simply entering the mobile phone number.
Due to its safety and convenience, many financial companies use it. Dongyang Life Insurance, KB Insurance, IBK Pension Insurance, Heungkuk Life Insurance, and ABL Life Insurance use the 'PASS Certificate' when viewing insurance subscription documents. Additionally, starting in December, over 100 institutions including NH Nonghyup Bank's All One Bank, Korea Copyright Commission's Digital Copyright Exchange, Fink, Settle Bank, KSNET, SK E&S, and KT plan to utilize the 'PASS Certificate' as a simple authentication method.
Within the industry, it is expected that the alternative certificate market, including the 'PASS Certificate', will grow following the abolition of the public certificate system, which was known for inconvenience and complexity, after 21 years. The Electronic Signature Act, which centers on the abolition of the public certificate system, will be enforced starting on the 10th.
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