Coupang develops secure online payment system

Coupang announced Thursday it has developed its own online payment system that enables customers to make transactions without having to go through additional authentication processes such as typing in passwords or fingerprint verification.

The new system is available to those who have already been using the Rocket Pay and Rocket Money services. Rocket Pay is a simplified payment service which enables transactions with a password. Rocket Money is an online cash system used within Coupang.

Labeled OneTouch Payment, the new transaction service allows customers to purchase items with a single touch of a “pay” button.

Coupang installed what’s called a Fraud Detection System to its new payment service that detects unusual purchase patterns of a customer and requires an additional authentication process if necessary.

“A OneTouch System is secure and easy to use,” said Chung Boram, senior director of Coupang’s fintech business and systems.

“The service will set a new bar for mobile payments for online shopping,” Chung added.

By Jin Eun-soo