SEOUL, KOREA — TMONET has signed a Memorandum of Understanding with GO-Trust to co-develop a microSD based mobile service platform and for the deployment of SWP microSD technologies to establish mobile NFC payments infrastructure in Korea market.
FIPC (Finance Informatization Promotion Committee) - Chairman Joo-yeol Lee: a VP of the bank of Korea, enacted a Korean standard platform for SWP microSD last month and TMONET is one of the key member of FIPC as well as 43 banks and credit card companies. TMONET provides mobile based T-Money service which is a rechargeable series of cards and mobile devices used for paying transportation fares in and around Seoul and other areas of South Korea. T-money can also be used in lieu of cash or credit cards in some convenience stores and other businesses.
The GO-Trust Secure microSD is a JAVA smart card that supports hardware security – such as funds transfer, on-line credit card payment, bill pay, auto recharge of the contactless payment or ticket/voucher storage with the highest level of performance. On most Smart Phones, such as Samsung Galaxy S3, Samsung Galaxy Note, Sony Xperia Ion, HTC Desire C, LG Optimus 4X HD, and other models which are factory equipped with NFC, GO-Trust SWP microSD offers full NFC functionality with the secure element hosted in the microSD card instead of SWP SIM card. GO-Trust SWP microSD has already been officially certified by MasterCard and ChinaUnionPay and was selected as one of three finalists in the prestigious Sesames Mobility Award, for best technological innovation in mobile phone functionality, to be presented at the Cartes Expo and Conference in Paris in 2011.
TMONET will utilize the GO-Trust SWP microSD card to implement several NFC payments projects currently in the pipeline. The secure applications are such as checking and recharging T-Money balances, securing mobile banking and mobile credit cards and allowing customers to use on their Smart Phones for NFC payments.
In current configurations the SIM secure element is owned by the Telecom operator and requires finance companies to compromise their security when in cooperation with the Telecom operators. The important shift away from this requirement has created massive interest with banks and other mobile security service providers, which for the first time can see a way of controlling the total life cycle of a smart card equivalent used for mobile banking.
The GO-Trust SWP microSD (http://www.go-trust.com/products/swp-secure-microsd) supports full NFC functionality, including receiving tag or promotion information, exchanging data between two NFC phones and even transforming the phone into a mobile Point of Sale (POS) terminal.
"Publishing the SWP microSD standard might be an epoch-making event in NFC mobile payment market. TMONET will lead the secure mobile payment market through co-development of microSD based mobile service platform with the innovative GO-Trust SWP microSD taking advantages of the rich experiences and channels within the Korea's fastest growing market." said Hee Won, Jung, VP of TMONET.
The CEO of GO-Trust Darren Lee said, "As TMONET and GO-Trust emerge as mainstream technology providers in the mobile payments market; this MOU centered around SWP microSD is an excellent step forward to fast tracking this technology."