Article Highlight | 4-Jul-2023

Smart payment, key to a new future industry, reflecting on its past path with capitalism!

DGIST (Daegu Gyeongbuk Institute of Science and Technology)

□ President Young Kuk of the Daegu Gyeongbuk Institute of Science & Technology (DGIST) announced on May 16 (Tue) that a research team led by Senior Researchers Jin-hyo Yun and Hyo-bi Jo at the Division of Electronics & Information Systems conducted a comparative study titled Regional Developments of the Smart Payment Industry. The study was conducted in collaboration with a research team from the Nanjing Institute of Technology in China and a research team from Cardiff Metropolitan University in the UK and the results were published in one of the most prestigious international journals.


□ With the introduction of Apple Pay in Korea, there is growing interest in the industry of smart payment,[1] which is dubbed the “new form of money” in the 21st century. By comparing the evolution of the smart payment industry in Korea, China, and the UK, this research team dynamically identified the current status of the smart payment industry, its impact on other industries, and the future of the smart payment industry.


□ Their analysis found that the electronic implementation of credit cards, including Samsung Pay, is dominant in Korea, there are various types of online payment systems in the UK, and the full smart payment industry is predominant in China.


□ Furthermore, by comparing the history of capitalism and the current status of smart payment in these three countries, the research team revealed that there is a correlation between the development speed and pattern of capitalism in the country and the percentages of different payment methods, including smart payment.


Jin-hyo Yun, a Senior Researcher at the Division of Electronics & Information Systems, said; “The smart payment industry increasingly serves as a means of transaction that not only accelerates financial distribution but also facilitates various types of transactions optimized for digital transformation through smart and new payment methods. Now is the time for Korea to aggressively shift its existing regulatory system from the credit card industry to the smart payment industry to eradicate the credit card industry’s vested interests and promote not only the smart payment industry but also new industries.”


□ Meanwhile, this study was published online in October 2022, in European Planning Studies, one of the world’s most authoritative journals in social sciences.


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[1] Smart payment refers to mobile payment, which is not based on credit cards. Some of the well-known examples include KakaoPay and Naver Pay.

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