Korean project to launch international banking

[img_assist|nid=8326|title=|desc=|link=none|align=left|width=66|height=100]New international mobile payment service is projected by Danal, a Korean mobile payment solution provider. Danal is planning to arrange an international mobile payment service capable to promote international commerce on the basis of partnership with mobile carriers around the world, just like Visa and MasterCard.

It will work in the following manner.  A shopper in Korea, using a domestic carrier, will be able to make a purchase at Amazon.com and pay by his mobile phone. A customer in China who wants to enjoy the VOD service provided by the Korean broadcaster may also pay via China Mobile cell phone.

Making a payment via mobile phone, a user will pass the procedure of mobile authentication where he/she should enter the one-time password received through the handset. After the completion of the purchase the bill for mobile shopping is added to the phone services bill. The password may be used only once within three minutes after being received otherwise it becomes invalid. Such an identification tool is said to reduce the hacking risk.