The value of online transactions charged to mobile phone bills in South Korea is forecasted to rise by 20 percent year-on-year to USD 1.3 billion (KRW 1.8 trillion) in 2009, according to South Korean m-payments firms Danal and Mobilians cited by The Korea Herald newspaper.
The two firms control about 90 percent of the South Korean m-payments market segment. The value of transactions projected to be carried out using the afore-mentioned mobile payments system is nearly double the USD 707.5 million (KRW 960 billion) recorded in 2006.
In Q1 2009, Mobilians and Danal registered payments worth USD 158.4 million (KRW 215 billion) and USD 132.6 million (KRW 180 billion), respectively.
Initially, this mobile payment system was used mainly for purchasing in-game items for online games and other digital content, but the system has recently been applied to a wider range of products and services. Several online shopping malls and some regional authorities in South Korea currently provide this type of m-payments services.
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