Digital Wallet? But Real!

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7 February 2012
KyongSun Kong
Hana Bank, well-known for being a smartphone banking pioneer in South Korea, launched a new digital wallet service called Hana N Wallet earlier this month. Hana N Wallet offers some new functionalities such as: • Convenient money transfer without account number and troublesome public certificate key which Korean regulator requires to online financial trading users in South Korea. Hana N Wallet 1 (P2P Money transfer) • Cash Withdrawal at ATM with six digits after receiving SMS when someone sends money to the other. Hana N Wallet 3 (ATM Withdrawal) Hana N Wallet is designed for use with a smartphone. When consumer A sends money to consumer B through consumer B’s phone number, consumer B receives an SMS and a “cash nut” payment into person B’s Hana N Wallet. What if person B doesn't have Hana N Wallet in her/his smartphone? Just download it through the URL in the SMS! The “cash nut” can be withdrawn at any Hana Bank ATM, without an ATM card. This is done by entering a six-digit number provided by Hana N Wallet. People can use Hana N Wallet if they don’t have a Hana Bank account. Celent thinks that this service can attract potential customers and should lead to an increase in customer count. Celent believes Hana N Wallet could bring a significant change for not only the Korean banking industry but the Korean payments market. If other banks launch similar services in the near future, the Korean digital wallet market will be more buoyed. Hana Bank will launch other new services in a couple of months. Let’s wait and see how things go…

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