In Korea, KT is rolling out a new NFC payment system that will also users of compatible mobile phones to pay for purchases using their smartphones. NFC payments for smart devices are becoming a big deal all around the world and some of the biggest firms in the tech realm are backing NFC payments systems in the US and abroad. In the US Google is pushing hard for NFC and several major credit card companies are also backing NFC plans.
In Korea KT has announced the first NFC payment system that will be available for users. The NFC system will require and app to operate and the app is installed from the factory on Galaxy S II smartphones from Samsung. Not all markets will get the NFC app pre-installed though. I will be the first to admit that the translation form Korean to English is not the best, but it appears that the NFC payment system will support Korean grocery store Lotte Mart and the credit card system the store uses.
The payment system launched by KT is called olleh touch and the app stores the credit card details and the membership card. Apparently, the app will not be offered for download onto other smartphones right away. The users of the NFC system will also get discounts and promotions worth up to 19,000 won over the year. The NFC system in place uses 13.56MHz frequency and will transmit data from about 10cm between the smartphone and the NFC reader.