K-Wave Credit Card & K-Wave NFC Sticker Credit Card Qorus Banking Innovation Awards 2014

Concept & Objectives: - To promote the use of credit cards by influencing consumer payment behavior to favor the payWave card over cash, increasing K-Credit Card expenditures - To reduce transaction time, with payment being completed within 10 seconds. Cardholder signature is not required, and the transaction is safer in that the customer executes the transaction without giving the card to the merchant. Departments involved: Credit Card Product Management and Marketing Department (CD) and Unsecured Credit and Merchant Product Service Fulfillment Management Department (PO) (business users); Channel and Integration Services Solution Delivery Department (CI), Solution Architecture team; IT Project and Risk Management Department (IR), security team; Operational Risk and Fraud Management Department (OF); and Payment Product and E-Channel Development Support Department (PE), support team Near Field Communication (NFC) technology, contactless communication between devices, has initiated a widespread payment trend, for example to pay for goods and public transportation fares. Users wave an NFC device over an NFC reader for Touch and Go payment. KBank adopted this technology for the K-Wave Credit Card, launched in 2008, and for Mobile K-Wave, introduced jointly with AIS in 2010. These products generated widespread consumer awareness of the technology. In consequence, the Bank is introducing an even more convenient product, the K-Wave NFC Sticker Credit Card, staying apace with the continuing process of globalization. In future, this service will be extended to more and more outlets in a position to benefit from Touch and Go payments, for example, restaurants, travel providers, shopping venues and public utilities.