Korean Banks to Launch Free All-In Mobile Service

Why is it that the US is always last in the cool stuff arena? No really, freakin’ Korea is going to be offering mobile phone version ‘Paypal’ and we are still light years away from anything this cool!

Korean retail banks will offer a mobile phone banking service that allows customers to send money if they know the recipientís cell phone number without the need for a mobile banking chip, reveals Digital Chosunibo.

With the so-called website , customers can check their accounts, remit money, apply for the purchase of an apartment and pay bills on their cell phones without buying a handset with mobile banking chip.

It also notifies subscribers of outstanding insurance premiums, communication charges and fines by text message and lets them pay by using the SMS call-back function.

The service is free, but users pay Internet and call charges. Some banks charge for the remittance service. [Read the rest]