Korea Credit Union’s S-pay starts the“Merchant Fee Zero” Service
Harex InfoTech, in accordance with the alliance partnership with Korea Credit Union, announced on July 11 that plans to integrate UBpay user-centric shared payment, banking and commerce platform, with the KoreaCredit Union’s mobile banking app, S-Bank.
The Korea Credit Union is a non-profit cooperative financial institution with 6 million members nationwide, a network of 895 unions and 1,645 banking branches.
The S-pay service, powered by UBpay, is expected to greatly improve financial services for 6 million members as it provides various services such as product recommendations and discount information as well as the “Zero Pay”, Merchant Fee Zero Service driven by the Korean government.
UBpay is the user centric shared payment, banking and commerce platform that allows users to directly request payment authorization from the financial institution (bank or card company) with no middleman, guaranteeing maximized benefits for the user, the best possible security and much lower transaction costs. Once users register their payment tendersinany app powered by UBpay, they can freely select and usethose tenders in all apps that share the UBpay platform. As a result, it is very convenient for users to manage all their transaction records such as inquiries, payments and loyalty points.
UBpay never uses the user’s financial information for the payment and is regarded as the most optimized and secure service. Moreover, UBpay maximizes the user’s benefits, loyalty points, discount coupons, gift certificates, tips & donation during payment all in one transaction, reducing the processing time by over 80 percent.
With the start of S-pay service, Korea Credit Union and Harex InfoTech Inc. are preparing various promotional events, including discount, cashback service, gift certificates, etc.
Harex InfoTech Inc. has deep knowledge and experience of sharing the UBpay platform with various alliance partners like banks, retailers, franchises, hospitals for their own branded payment service and is now in the process of expanding globally in the U.S., Indonesia, the Philippines, Vietnam, Guatemala and Central American countries, building the global user centric network.
Harex InfoTech Inc. (Park, Kyung Yang, CEO), 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, mobile authentication, multi-factor authentication system combining with PIN and biometrics, payment, cash out and remittance service with the mobile and the user centric payment shared platform with alliance partners. Harex InfoTech Inc. received ‘Best Technology Awards’ in Innovation Project Awards hosted by Harvard University in 2013. 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.
UBpay: User Centric Shared Payment, Banking and Commerce Platform
In Korea, eight credit card companies and ten commercial banks offer mobile payment service based on UBpay platform developed by Harex InfoTech Inc. By enabling users’ smartphone to request payment authorization directly to the financial institutions like banks or credit card companies, UBpay is absolutely differentiated with the conventional payment service in which merchant processor (router) requests payment authorization to the financial institutions with the middlemen.
Unlike the conventional payment service by providing the merchant with user’s financial information, UBpay is made by user’s request for payment authorization directly to the financial institution through End to End security network without passing user’s financial information to the merchant. UBpay and any powered by UBpay apps are currently available in various online and brick stores like CU(convenient store chain), Aladin(online bookstore), SSG.com(One of the biggest online shopping mall), culture land(gift certificate exchange), APT maintenance billing(8.5 million households), highway toll, public home shopping, etc. UBpay, along with Suwon City (One of the biggest metropolitan cities right next to Seoul) Government, Industrial Bank of Korea and Suwon
Traditional Merchant Association provides Mobile Debit Payment Service with merchant fee zero at 22 traditional markets (3,300 individual stores inside) in Suwon city now.