Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, is supplying its Optelio Contactless Stickers to LotteCard – one of Korea's largest credit card networks.
The miniature size sticker is one third the size of a standard banking card and designed to adhere to the surface of any mobile phone. Owing to a bigger antenna and an advanced shielding technology, the sticker offers the best performance and minimizes the interferences common in latest smartphones. It has been certified by international payment associations, and is part of Gemalto's comprehensive range of wearable products.
Using the Lotte Sticker, users can make payment at 35,000 stores throughout South Korea, and enjoy the convenience of paying for bus, subway, or taxi rides by simply tapping their phone on the readers. The sticker also doubles as a credit card for online shopping. It can be applied directly from LotteCard's website, or through Lotte Group's department stores.
Contactless payment is immensely popular in South Korea. In a recent survey1 with 2,500 households, 31.8 percent of the respondents have been enjoying such services. The same report also cites 19.9 percent using their phones for public transport payments. In fact, ABI predicted that all payment terminals in Korea would be contactless by 2019, driven by increased proliferation of contactless cards.
"Featuring five fashionable designs, the Lotte Sticker is a fun and convenient alternative for users to commute and pay for their daily expenses", said Kim Byung-jun, Team leader of Smart Business Team of Lotte. "Market response has been overwhelming with close to 300,000 cards issued since the initial launch in April."
"LotteCard is committed to innovation, and the sticker card has proven to be an effective way for the company to quickly introduce mobile contactless payment to its users," said Suzanne Tong-Li, President, Greater China and Korea at Gemalto.