Mobiles for Payments

Business Week writes about South Korea:

Some 23 million Koreans use one of five competing cell-phone systems to make payments ranging from a few cents to $120. This year Koreans are expected to charge nearly $1 billion using the services, up from just $290 million in 2002.

“Cell phones have proven to be an essential payment tool,” says Park Sung Chan, CEO of Danal Co., which pioneered the industry. In April, Danal plans to launch a similar operation with China Mobile (CHL), the mainland’s largest carrier. Next up: Japan, Southeast Asia, and, ultimately, the U.S., where both Danal and its chief rival, Mobilians, are eyeing the market.

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Rajesh Jain

An Entrepreneur based in Mumbai, India.