LG U+ is set to expand its e-payment business into global markets. The company announced on July 19 that it applied for registration as a foreign currency business on July 9 and plans to launch the service within this month.
The Enforcement Ordinance of the Foreign Currency Transaction Act was amended toward allowing payment gateways to handle foreign currency transactions.
The foreign currency business refers to the arrangement of payment and settlement between domestic and foreign nationals. This service had been offered only by the banks. The amendment of the act, however, cleared the way for the payment gateways with a high level of financial soundness and appropriate computing system to launch the service.
LG U+ inks agreements with a number of domestic Internet shopping malls and is negotiating with them over the launching schedule. At present, LG U+ provides payment-related services, including e-payment solution "U+ Biz e-payment," a three-second simple payment service "Pay Now," and an ultra-small offline payment system "Pay Now Biz."
