Woori Bank launches first smartwatch wiring service

Woori Bank said Thursday it has launched the country’s first smartwatch money transfer service for Android-based smartwatches.

Dubbed the “Woori Watch-banking Simple Money Transfer Service,” the smartwatch banking service runs on the “WiBee Mobile Pay” program, developed independently by the South Korean lender in May.

The service does not require a digital authorized certificate or security code card, as smartphone banking services do. By simply typing in their pin number, bank customers can transfer up to 300,000 won ($260) per day and review their bank accounts on the Android-operated wearable devices.

The program is backed by a security program with remote control functions that enable customers to cut off all smartwatch banking transactions in the event of suspected financial fraud.

Woori is pushing to offer the smartwatch banking service on more wearable devices, such as the Samsung Gear S2. The lender also plans to expand the smartwatch banking functions to payment and signups for financial derivatives.

Earlier in September, the lender and Samsung Electronics Co. joined forces to launch the country’s first ATM money withdrawal service through the Samsung Gear S2. 

   By Chung Joo-won (joowonc@heraldcorp.com)