CU Introduces Miraeset Pay, iPhone-Exclusive Simple Payment Service

CU has signed a business agreement with Mirae Asset Securities to establish an offline payment service.

[Asia Economy Reporter Lim Chun-han] CU announced on the 8th that it has signed a business agreement with Mirae Asset Securities to establish an offline payment service and will introduce Mirae Asset Pay. Through this business agreement, Mirae Asset Pay will be available at more than 15,000 CU stores nationwide starting in October.

Mirae Asset Pay is the first iPhone-exclusive simple payment service in Korea. Until now, most offline simple payments in Korea used Magnetic Secure Transmission (MST) technology, which made it difficult for iPhone users supporting Near Field Communication (NFC) to use simple payments. Mirae Asset Pay overcomes this limitation by using NFC tag stickers for payment.

Even without holding a Mirae Asset Securities account, users can start using Mirae Asset Pay immediately by simply downloading the application (app). After launching the app and completing biometric authentication, users just need to hold their phone over the NFC tag sticker for automatic payment.

A BGF Retail official said, “As CU has the largest number of stores in the industry, it has become the main place for offline simple payments due to its high accessibility and advanced system,” adding, “By diversifying convenience store simple payment services through Mirae Asset Pay, we will be able to significantly enhance customers’ shopping convenience.”