Fintech service provider SHS aims to take the lead in Korea’s fintech market with its convenient and simple mobile payment system called Fintech Magic.
Fintech Magic is a service allowing clients -- cards, banks, telecom carriers and tech companies -- to have mobile payment services anywhere and anytime via wired and wireless communications infrastructure.
"This service enables stores to save cost of installing devices (without replacing existing devices) and users to pay via their smartphones without cash, plastic cards and wallets," SHS' CEO Lee Do-hoon said in an interview with Korea IT Times.
The local tech company’s marquee fintech service is Magic Touch, which allows payment simply by touching smartphones to MST payment devices. SHS said stores can use the devices without separately replacing their payment devices. With the Magic Touch service, the company plans to make a foray in the U.S., China and European markets.
SHS’ Magic POS is phone-to-phone wireless payment system, whichs allows smartphone users to pay to each other’s phones through the mobile POS system. The service currently targets emerging nations including Southeast Asia, South America and Africa.
Another fintech service Magic Token is wireless and wired two-channel authentication payment system. It allows payment through wired and wireless channel system without using clients' card number when paying via mobile cards.
Lastly, Magic Code is a service, which is completely free from fingerprint hacking without using fingerprint images, according to the company.
Based on diverse patent technologies, SHS received various awards from the government and companies. It includes a grand award from the nation's Great Patents in Electronics in 2015, an award from a competition held by JB Financial Group and the best prize from the Science Public Idea Competition in 2015 organized by the Ministry of Science, ICT and Future Planning and the National Police Agency. This year, it was finally selected by Shinhan Financial Group's fintech program "Shinhan Futures Lab."
"We are aiming to expand our client bases into Southeast Asia, South America and Africa beyond South Korea by advancing our patent technologies and boosting the micro payment market in the nation," Lee said.
The CEO Lee, who formerly worked for Samsung Electronics, left the company in 2002 to run his own business. He has been working on mobile payment system since 2012 and his efforts began to pay off recently with the smartphone era opening. The company is currently partnering with tech companies, conglomerates and financial organizations.
