Shinsegae Launches into e-Payment Business

SEOUL, KOREA- Shinsegae Group established a payment gateway business "Shinsegae Payments." This is part of the group's strategy to directly provide a payment settlement service for the group's online shopping mall, thereby enhancing both profitability and convenience.
Shinsegae announced on September 23 that E-Mart Mall and Shinsegae Mall each invested 1 billion won to establish a separate business entity Shinsegae Payments which will be responsible for payment gateway business.

A Shinsegae official said, "We decided to launch into payment gateway business in order to accelerate the growth of our online shopping malls, which will serve as our group's next-generation growth engine."

PG is a service that helps the customers of online or mobile shopping malls when they make payments using credit cards or account transfers. At present, there are about 50 payment gateway service providers in Korea. KG Inicis, LG U+, and KCP command a combined market share of more than 80 percent.