Cell firms fight for banking nod
The competition among mobile telecommunications companies to woo the National Agricultural Cooperative Federation’s mobile banking business is heating up. Korea’s three cell systems have all come calling, the federation said. One offered to provide the chips and chip recognition devices needed for the cell phones and bank equipment to provide the service. That reportedly was the first time a phone company had offered to bear that cost for a financial institution. The competition is stiff because the agricultural federation has 29 million customers. An LG Telecom official said that about 250,000 people had used the cell-phone banking service after it contracted with Kookmin Bank in September. Kookmin has about 24 million customers.
with the Korea JoongAng Daily
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