SSG Pay Launches Industry-First Open Banking Service
[Asia Economy Reporter Minyoung Cha] Shinsegae Group's simple payment service SSG Pay launched the open banking service on the 21st, becoming the first in the distribution industry to do so.
Open banking is a service that allows customers to view, withdraw, and transfer funds from all their bank accounts using just the SSG Pay application (app).
Having started remittance services in March, SSG Pay established a new 'Remittance' menu on this day with the introduction of open banking, officially providing bank account inquiry and remittance services.
After consenting to use the open banking service and linking accounts via the remittance tab at the top of the SSG Pay app main screen, users can transfer funds with simple identity verification such as fingerprint recognition or password input, without the need for separate security cards or OTPs. Transaction history and remittance usage details of linked accounts can also be viewed.
SSG Pay plans to enhance the usability and completeness of the open banking service through sequential updates. Additional features such as contact remittance, bulk remittance, scheduled remittance, and receiving remittances via SSG Money or bank accounts will be added in May. Functions like shaking the phone to remit or requesting remittance from the other party are also being prepared.
To commemorate the launch of the open banking service, SSG Pay will hold an event from Tuesday the 21st to Sunday, May 31. The event includes returning remittance fees for 10 transactions (150 KRW per transaction) as SSG Money, and an event where charging SSG Money from linked accounts will grant an additional 1% of the charged amount (up to 5,000 KRW) as SSG Money.
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Moon Junseok, head of the platform business division at Shinsegae I&C, said, “We introduced the open banking service as the first in the distribution industry not only to provide simple payment services but also to offer customers convenient financial life,” adding, “We will continue to expand financial services going forward.”
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