Shinhan Card Completes Patent Registration for 'iPhone Touch Payment'... 2nd Generation Sold Out
2nd Generation Wallet Initial Stock of 1,550 Units Sold Out
[Asia Economy Reporter Yoo Je-hoon] Shinhan Card announced on the 28th that the patent registration for the 'iPhone Touch Payment Service,' jointly developed with Dansol Plus, the 5th batch of Shinhan Futures Lab possessing ultrasonic communication technology, has been completed.
The iPhone Touch Payment Service converts ultrasonic waves emitted from a smartphone and transmits one-time payment information to the merchant's payment terminal for processing the payment. Unlike the near-field communication (NFC) method that requires a separate terminal, it can be used with existing payment terminals, allowing usage at all merchants nationwide, which is its advantage.
Shinhan Card and Dansol Plus filed a patent application for the payment method and device using ultrasonic waves in November 2019, and completed patent registration earlier this month after about two years. They have also filed patents in six overseas countries including the United States, Japan, and the European Union (EU), which are currently under examination.
Meanwhile, Shinhan Card's touch payment device is evolving from the initial iPhone case type to a wallet type that can be attached to the back. In particular, the 2nd generation wallet released at the end of last month is equipped with a wireless charging battery, overcoming the drawback of the 1st generation wallet that required connecting the iPhone to a cable for power supply.
Additionally, the 2nd generation wallet matches the size and weight of Apple's genuine wallet and added an LED light to provide visual operation information at the time of payment. The initial batch of 1,550 units of the 2nd generation wallet sold out completely within 20 days of release, and additional units are currently being prepared. About 3,000 units are expected to be distributed after mid-March.
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Yoo Tae-hyun, Executive Director of Shinhan Card's Digital First Division, said, "The significance of this patent registration lies not only in providing convenience to customers through Korea's first iPhone offline payment service but also in the official recognition of our proprietary technology." He added, "We will continue to improve and expand the service to realize Shinhan Financial Group's vision of 'Easier, More Comfortable, and Newer Finance.'"
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