Friday, April 4th, 2014
SEOUL, KOREA - Starting June this year, online shoppers won't need to go through the cumbersome ActiveX-based public key certificate system when making payments with their credit cards. The Financial Services Commission and the Financial Supervisory Service said on April 3 that they would revise electronic banking supervision rules that currently mandate the use of the public key system.
The financial regulators said that the new rules would be effective within June after consultation with the Regulatory Reform Committee. Once the regulation is lifted, it will be the responsibility of credit card companies and payment gateway service providers who can decide whether to use the ActiveX certificate system.
A financial regulator commented, "The latest decision is meaningful in that banking and financial service companies can choose best authentication technologies possible on their own without being required by government agencies. It is also better for ordinary consumers as it allows them to make easier payments with credit cards and debit cards."
