UBpay Opens "Onnuri Pass Easy Mobile Payment Service" with Zero Merchant Fee in Traditional Market
UBpay Opens "Onnuri Pass Easy Mobile Payment Service" with Zero Merchant Fee in Traditional Market
  • Yeon Choul-woong Reporter
  • 승인 2018.04.10 09:12
  • 댓글 0
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(From left) Choi Geuk-ryeol chairperson of Suwon Traditional Merchant Association, Cho Young-hyun CIB group vice chairman at Industrial Bank of Korea, Yeom Tae-young, Mayor of Suwon City and Park Kyung-Yang CEO of Harex InfoTech take a commemorative photo after the business agreement.
(From left) Choi Geuk-ryeol chairperson of Suwon Traditional Merchant Association, Cho Young-hyun CIB group vice chairman at Industrial Bank of Korea, Yeom Tae-young, Mayor of Suwon City and Park Kyung-yang CEO of Harex InfoTech take a commemorative photo after the business agreement.

 

Harex InfoTech(CEO Park Kyung-yang), along with Suwon City (One of the biggest metropolitan cities next to Seoul) Government, Industrial Bank of Korea and Suwon Traditional Merchant Association, announces a new Mobile Direct Debit Payment Service with zero merchant fee at 22 traditional markets (3,300 individual stores) in Suwon city.

“Onnuri Pass” powered by UBpay, Mobile Debit Payment Service, is easy to use. The user simply opens the app, scans a QR at the store, and then confirms payment by PIN or biometrics authentication after the amount is entered. The merchant can immediately check the payment result with its smartphone. Users can get the benefit of an income tax deduction at the rate of 40% for the amount spent in traditional markets during year-end tax adjustment. Moreover, all types of available customer reward programs like discount coupon and loyalty points are automatically executed with payment.

“Onnuri Pass” is set not to impose any merchant fee based on the agreements made among Suwon City Government, Industrial Bank of Korea and Harex InfoTech Inc. It has been very difficult to find out the solution to lower the merchant fee for small business owners even though there have been many attempts. Lowering merchant fee under current electronic payment systems that require a card reader and intermediary processor is not an easy thing to realize.

UBpay, backbone of “Onnuri Pass” enables debit payment service with no merchant fee along with the support of allied bank based on its own user centric payment system. The user directly requests payment authorization from the bank without using card reader. 

Harex InfoTech, starting with Suwon city, plans to expand the service to other traditional markets in Seoul and suburban areas within the first half of this year and extend its service to all traditional markets throughout the nation by the end of the year. Harex InfoTech is also in negotiations with other commercial banks for their participation.

According to the Suwon Traditional Merchant Association, it welcomes this service because they anticipate that “Onnuri Pass”, powered by UBpay, will help bring the younger generation of customers into the market while solving many difficulties such as card reader deployment and merchant fee issues in the adoption of new electronic payment systems to vitalize the traditional market.

"In order to secure the future of the traditional market, we need to constantly develop ways to bring younger customers into the market," said Mr. Yeom, Tae-young, Mayor of Suwon City. "I hope UBpay User Centric Mobile Payment Services will help create a sustainable traditional market."

Harex InfoTech is now trying to expand the coverage of “Onnuri Pass Service” by not only the UBpay app but also any banking apps or service providers’ apps that share the UBpay platform. Consequently, all users of apps allied with UBpay can be informed about Onnuri Pass easily and can use it conveniently.

Harex InfoTech Inc, the pioneer of Fintech announced first mobile card payment system in the world at Silicon Valley, on April of 2000 and holds most critical patents applying to almost whole steps of mobile card payment service, multi-factor authentication system combining with PIN and biometrics, payment, cash out and remittance service with mobile and the user centric payment platform shared with alliance partners. Harex InfoTech currently supplies the customized services to its alliance partners such as financial institutions, merchants, social-medias and various service providers with sharing Harex InfoTech’s own platform of user centric payment and opens whole new world of shared service.


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