SK C&C eyes global smart card market

As the number of businesses around the world taking advantage of various mobile devices and applications increases, Korea’s leading IT service provider SK C&C announced that it planned to expand its business using smart card technology.

SK C&C is expected to target the high demand for innovative mobile solutions especially within the financial industry ― envisioning a unified platform through which different mobile payment methods can be issued, securely authenticated and used by customers, all within the palm of one’s hand, the company said Wednesday.

While the global trend continues to change in the mobile commerce industry, SK C&C has been engaged in research and development of various smart cards, such as USIM and MicroSD cards, in search of innovative ways to use them.

Until now, the market dominance of major device makers and mobile carriers has hindered the development of more creative ways to apply them in business settings.

Especially in the mobile finance area, which includes online banking, mobile credit cards and payment transactions, the opportunity is vast, the company said.

Recent data suggested that more than 70 percent of Korean college students frequently use mobile banking smartphone applications.

According to a market research firm, Forrester Research, global mobile commerce is expected to surpass $31 billion by 2016.

“By exploring different ways to apply MicroSD cards in the mobile finance market, our purpose is to ultimately create a unified platform built with a multitude of financial services through which consumers can enjoy more convenience at less cost,” said Huh Sang-jin, head of global research and business development center at SK C&C.

“This is also in line with the Park Geun-hye administration’s creative economy drive.”

Through aggressive marketing strategies, SK C&C expects to export 50 million USIM cards a year by 2015.

By Kwon Bum-joon (bjkwon@heraldcorp.com)