With plans to install near-field communication (NFC) terminals in 300,000 merchants and new requirements for mobile phones to be set up for contactless payments, South Korea has become the latest country to jump on the contactless/mobile bandwagon. The country's communications commission announced the move on Monday, and the commission's head said:
"Mobile payment technology has been available since early 2000 but it failed to take off for various reasons ... but today's agreement is a small step toward mutual growth going forward."
The reasons he mentioned include the relatively small range of NFC-enabled handsets and the lack of standardised checkout systems but the authorities believe the new measure will boost sales of NFC handsets to over 5 million units this year.
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