Mobile banking wave in Korea

South Korea sees a great growth among mobile banking customers. There are 2.5 million Woori Bank mobile banking subscribers with over 1 million of them using mobile VM (Virtual Machine) banking.

Mobile VM (Virtual Machine) banking represents a mobile banking service by means of which a number of banking operations could be made as for instance account checking and transfer. The service may be used without the necessity to install a mobile chip for financial service into the cell phones. Users just download VM program onto their handsets and enjoy new advantages. Woori is the first Korean financial institute to start mobile VM banking in April 2007.

Popularity of mobile VM banking is explained by the two reasons: most handsets used in Korea of both 2G and 3G supports mobile VM banking and the service covers such a wide range from account checking and transfer to foreign exchanges and credit card.

In the near future mobile VM banking is planned to be updated to allow students with mobile phones to use ID services featured by two-dimensional barcode and the photograph downloaded onto mobile devices. Besides the company is going to make possible cash draw from the accounts or new accounts opening.