KimYongPay? North Korea launches mobile payment system

People shopping in the Taesong Department Store in Pyongyang amid Covid-19 (Picture: Yonhap)

North Korea has introduced a new mobile payment service that allows people to purchase goods through mobile phones without having to carry around cash or plastic cards, North Korean info website Meari wrote on October 21, according to South Korea’s Yonhap News Agency.

Meari said that a joint research team from North Korea’s central bank and a government agency in charge of information technology has developed a mobile payment service and will make it available for everybody who uses smartphones in the country.

“The mobile phone electronics payment system is a new type of transaction method that allows users to transfer payment including service fees or other fees using their smartphones,” the report said.

Preventing the spread of the coronavirus

The website stressed that the mobile payment method would also play a significant role in preventing the spread of the Covid-19 virus and other germs.

It did not reveal what particular technology the system uses for the mobile transfers.

Mobile phone use appears to be on the rise in North Korea, though most of the users are presumed to be in its capital Pyongyang, Yonhap noted.

According to industry experts, around six million mobile phones are being used in North Korea, which represents around a quarter of the total population.

Credit and debit cards are used mainly in Pyongyang, while throughout the country cash remains the major method of payment, according to a 2019 report by South Korea’s state-run Korea Development Bank.



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People shopping in the Taesong Department Store in Pyongyang amid Covid-19 (Picture: Yonhap) North Korea has introduced a new mobile payment service that allows people to purchase goods through mobile phones without having to carry around cash or plastic cards, North Korean info website Meari wrote on October 21, according to South Korea’s Yonhap News Agency. Meari said that a joint research team from North Korea’s central bank and a government agency in charge of information technology has developed a mobile payment service and will make it available for everybody who uses smartphones in the country. “The mobile phone electronics...

People shopping in the Taesong Department Store in Pyongyang amid Covid-19 (Picture: Yonhap)

North Korea has introduced a new mobile payment service that allows people to purchase goods through mobile phones without having to carry around cash or plastic cards, North Korean info website Meari wrote on October 21, according to South Korea’s Yonhap News Agency.

Meari said that a joint research team from North Korea’s central bank and a government agency in charge of information technology has developed a mobile payment service and will make it available for everybody who uses smartphones in the country.

“The mobile phone electronics payment system is a new type of transaction method that allows users to transfer payment including service fees or other fees using their smartphones,” the report said.

Preventing the spread of the coronavirus

The website stressed that the mobile payment method would also play a significant role in preventing the spread of the Covid-19 virus and other germs.

It did not reveal what particular technology the system uses for the mobile transfers.

Mobile phone use appears to be on the rise in North Korea, though most of the users are presumed to be in its capital Pyongyang, Yonhap noted.

According to industry experts, around six million mobile phones are being used in North Korea, which represents around a quarter of the total population.

Credit and debit cards are used mainly in Pyongyang, while throughout the country cash remains the major method of payment, according to a 2019 report by South Korea’s state-run Korea Development Bank.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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