First Data to import Korean mobile commerce experience to the US

Source: First Data

First Data Corporation, a global leader in electronic commerce and payment processing, and SK C&C USA, a wholly owned subsidiary of SK C&C Co. Ltd. today announced a strategic global partnership to bring trusted mobile commerce services to the US and eventually worldwide.

SK C&C has successfully provided services such as Trusted Service Manager (TSM), a Mobile Wallet and Mobile Banking, to the South Korean market since 2002. First Data has been an industry leader in Mobile Payment, helping drive innovation in the evolving space.

Together, First Data and SK C&C will collaborate with financial institutions, retailers and mobile operators to provide innovative mobile commerce services to their customers. SK C&C will deliver a complete set of convenient and secure mobile commerce services to First Data's financial institutions and merchant customers.

"Mobile commerce is a way of life in Korea - this rich history and proven technology presents an unparalleled opportunity for SK C&C to enable a positive, robust and secure user experience in the U.S. market and abroad," said Shin Bae Kim, president and CEO of SK C&C. "Our partnership with First Data will expedite the widespread adoption of mobile commerce and evolve it to the next level by bringing a feature-rich mobile commerce experience to the U.S. market."

Services offered by the partnership are expected to be commercially available in the first quarter of 2011 in the U.S. The SK C&C TSM platform will enable First Data's financial institutions and merchant customers to securely and efficiently issue payment cards, including credit and debit cards, prepaid and gift cards to the mobile device. SK C&C's Mobile Wallet will provide the consumer with a convenient, secure and easy to use tool to manage these payment cards, to access and manage account information and make payments.

"With First Data's expertise in global electronic payments and SK C&C's experience and success with mobile commerce in South Korea, the two companies are uniquely positioned to drive mobile commerce," said Ed Labry, president of Retail and Alliance Services, First Data. "As a part of our global product vision and roadmap, this partnership will bring foundational capabilities and technology to both our merchant customers and financial institutions making it more possible than ever to conduct commerce with a mobile device."

"Demand for these offerings is growing rapidly," said Nick Holland, senior analyst, Yankee Group. "With mobile commerce poised for spectacular growth, this relationship is an opportunity to bring the people, the technologies and the capabilities together that have the potential to literally change the way people live."

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