SK Telecom and Visa have launched a Wireless Payment System trial using EMV and IrFM; the pilot program is to be extended to 30,000 merchants and 2 million handsets by year end.
Visa International and SK Telecom (SKT) have signed an agreement to implement wireless payments that incorporate smart cards and infrared technology, in a move to provide consumers with greater convenience to conduct transactions anytime, anywhere using Visa debit or credit payments over mobile phones.
Both companies will collaborate to implement a payment solution that integrates two major global specifications from the payments and wireless industries: the EMV (Europay-MasterCard-Visa) global smart card standard and IrFM (Infrared Financial Messaging), a global interoperable standard for infrared transmissions dealing with financial transactions.
The solution allows Visa cardholders and SKT subscribers to pay for goods and services by beaming an infrared signal securely from the mobile phone to a small infrared receiver located at retail point-of-sale terminals, vending machines, subway stalls, tollgates, buses and other payment locations. The cardholder's payment details are stored securely on an EMV chip within the handset.
SKT is the first company in the world to implement EMV-based infrared technology for wireless payments. Since 8 April 2002, SKT has been piloting a chip-based payment service using an infrared-enabled mobile phone. The pilot program is currently being held at SKT's headquarters and by 20 merchants at the Seoul Finance Center, while later this year, the program will be rolled out to more than 30,000 merchants in Korea. Two million infrared-enabled handsets will also be distributed by end of this year.
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