- Awarded by the Minister of Trade, Industry and Energy at the '22nd Corporate Innovation Awards' hosted by the Korea Chamber of Commerce and Industry
- Evolution from transport card operator in the Seoul metropolitan area to a global FinTech specialist
- Chief Executive Officer Choi Dae-sung announces "Continuous Innovation towards their Vision" at the winner’s interview
"An evolution from transport card to a global FinTech platform!"
It is no longer a strange sight to see people tap their mobile phones and pay at convenience stores and coffee shops, as well as buses, subways and taxis. At the center of this innovative change in payment culture is T-money issuer Korea Smart Card.
Korea Smart Card Co., Ltd., a FinTech and Electronic Payment Company[CEO Choi Dae-sung], said on the 1st that they won the Award by Minster of Industry, Trade and Resources at the 22nd Corporate Innovation Awards hosted by the Korea Chamber of Commerce and Industry and the Ministry of Trade, Industry and Energy.
Since the declaration of 'VISION 2020' in January last year, they have been recognized for innovative performance such as leading mobile FinTech, introduction of integrated terminals and mobile services for express buses, expansion to overseas markets such as Mongolia and Malaysia, and supports for revitalization of traditional markets and small businesses, according to the Korea Smart Card.
Korea Smart Card is evolving from a T-money transport card business centered on the Seoul metropolitan area to a global FinTech company by establishing new business promotions, new core values and management innovation through a new organizational culture. It is also showing tangible results, with sales growing more than 20 percent this year.
T-money, the flagship brand, is widely used as a means of payment not only for transportation cards but also throughout various types of stores, and is changing the city’s culture of everyday payment lifestyle. Mobile T-Money 3.0, which has 6 million cumulative members, is regarded as an optimized mobile platform in the era of "Pay Wars", receiving partnership love calls from leading global companies. Through this partnership, smart watches are now also a mean of simple payment, and the era has opened for Chinese travellers to enjoy convenient trips to Korea using the simple payment method of T-money.
‘E-PASS’[Multi-functional equipment for payments on Express buses] and 'Express Bus Mobile' app, which were introduced in March, are changing the ways people book for express bus seats. With 'Express Bus Mobile', you can check available real-time seats on 150 round-trip routes across the country, as well as pay for and book in the app. Moreover, citizens can scan "mobile tickets" on express bus equipment as they get on board without having to go through a terminal window or a ticket vending machine. This convenient change has been spread between users to have led to 34 percent market share for express bus ticket sales during the Korean thanksgiving holidays.
Korea Smart Card's excellent transportation payment system is expanding beyond the peninsula to Mongolia, Malaysia and other parts of the world. By establishing a new overseas business strategy, the company aims to evolve from previously SI and product-oriented export provider to service and knowledge-know-how based service provider. In particular, the "U-money", local subsidiary in Mongolia, which launched their service in July based on the successful experience in Seoul’s public transportation card system, is driving the advancement of Mongolia's transportation payment service.
Korea Smart Card is also contributing to revitalizing the traditional market and small businesses by introducing simple payment services in the traditional market and participating in the IC card reader device conversion project of small merchants.
"We will create an innovative world-class company that will lead FinTech platforms beyond public transportation cards," said Choi Dae-sung, president of Korea Smart Card. "We are confident that we will achieve our goal if we continue to innovate towards our vision, which all employees have participated to establish."