The municipal government of South Korean capital Seoul has formed a task force to develop and build the city's own mobile payment platform, provisionally dubbed S-Pay. The task force will collaborate with partner firms and banks on the platform, which is aimed at improving convenience for customers. According to an official statement released by the city government, the new system "will be based on blockchain technology that allows users to pay using their smartphones.
The municipal government of South Korean capital Seoul has formed a task force to develop and build the city's own mobile payment platform, provisionally dubbed S-Pay. The task force will collaborate with partner firms and banks on the platform, which is aimed at improving convenience for customers. The move is part of a broader push by Seoul mayor Park Won-soon to reduce the pressures on small businesses by achieving a 0% commission rate.