Woori Financial Group Builds 'Integrated Group Payment Platform' to Strengthen Market Competitiveness
Implementation of an 'Open Platform' Easily Accessible to Customers of Other Financial Companies
[Asia Economy Reporter Kwangho Lee] Woori Financial Group announced on the 2nd that it will build a 'Group Integrated Payment Platform' together with its subsidiaries Woori Bank and Woori Card. This is to secure competitiveness in the rapidly growing simple payment market led by platform companies, as well as to respond to the introduction of the payment instruction transmission business (MyPayment), which is currently under legislative revision.
In early last month, Woori Financial formed a task force team (TFT) to build the group integrated payment platform and is strengthening synergy effects among subsidiaries and platform competitiveness.
The platform to be built this time is an open platform that can be used by customers of other financial companies who do not have a Woori Bank account or Woori Card. By providing convenience for online and offline payments, it is expected to expand contact points with customers.
Woori Card is accelerating the payment advancement project along with the construction of the open platform. The Woori Card application, Woori Pay, plans to sequentially add Samsung Pay Magnetic Secure Transmission (MST) payment, payments from other banks' accounts, and transportation card payment services.
Additionally, a service to implement Woori Card's Woori Pay within the Woori Bank app One Banking is also being prepared.
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A Woori Financial Group official said, "With the legislative push for the amendment of the Electronic Financial Transactions Act last year, the introduction of MyPayment and comprehensive payment settlement business is imminent," adding, "Once the Woori Financial integrated payment platform is established, it will provide a foundation for Woori Financial to take a step forward in the payment market, which is rapidly growing centered on big tech companies."
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