A Study On The Development Of Korea's Mobile Payments Based On Chinese Experience

Alibaba's Ali Pay and Tencent's We Chat Pay dominate China's mobile payments business.Because mobile payments require only one smartphone that can generate QR codes,mobile payments are common in China,ranging from large shopping malls to general shops and even roadside stands.Chin a's mobile payments have now surpassed both "convenience" and "developed" levels and have become truly "necessities of life."Compared to China,Korea is behind not only China in terms of mobile payments but also the world's most advanced countries,despi te its highdeveloped IT infrastructure and even the world's number one smartphone penetration rate.The purpose of this study is to provide Korea with strategies for developing mobile payments by analyzing many factors that have been successful in China's mobile payment field.The research method is mainly a document analysis method based on news data and data from the Bank of Korea and the Financial Supervisory Service of Korea.Through this method,this study points out the problems of mobile payments in Korea,and analyzes the current situation of mobile payments in Korea and their history,institutions and technology in detail,and summarizes the influential factors of the development of Korean credit cards and the Korean people's preference for credit card payments.Second,by using the contrast analysis method,this study seeks solutions to the development of mobile payments in Korea based on the analysis of the development of mobile payments in China.To develop Korea's mobile payment business,Korea should learn from the development of China's mobile payment,such as Ali Pay and We Chat Pay and do the following: First,the government should actively support renovating restraint mechanisms and reducing barriers to entry in the technology industry and promoting market competition.Second,economize on business transaction costs focused on credit cards,turn these expenses into usage benefits for business owners and users,and expand business platforms through user infrastructure building and developing big data businesses.Third,pay attention to the continuous innovation and development of user-paying convenience and preferential treatment,and strive to train professional staff for reliable services and system security.Studying the development process and achievements of mobile payments in China can provide useful enlightenment for solving Korea's mobile payment challenges and developing the future of Korea's distribution and retail business.This way,Korea can keep abreast of the trend of the world' s Fin Tech development and be one of the world's top Fin Tech countries.