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Paycock to supply Seoul with optical recognition-based mobile payment service

Fintech startup Paycock announced Monday that it would begin supplying Seoul City with a mobile payment service based on optical character recognition technology starting in June. The service allows stores to accept credit card payments through the company’s mobile application, Paygood, making it possible for payments to be made and accepted no matter the time or location of the payment participants. Seoul City will be providing the mobile application to merchants in the Namdaemun and Dongdaemun markets as part of its support program for small business owners.

Paycock’s payment application does not require a traditional card-reading device, as its OCR technology enables not only payment via physical credit and debit cards but also mobile application-based credit cards. This OCR technology, which is the product’s key technology, is accompanied by AI deep learning technology to prevent credit card fraud and theft.

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As the application is highly convenient to use and guarantees the security of credit card transactions, it is expected to be widely adopted by small business owners, individuals working in the delivery business, and companies that employ traveling sales representatives. CEO Kwon Hae-won said, “Our product has been fully vetted in terms of security. It has passed the security tests and evaluations of companies recommended by the Korea Internet & Security Agency and the Financial Security Institute.”

Paycock has already signed MOUs with corporations and the governments of six countries, including the United States. Through its participation in K-Global@Moscow 2017, which is scheduled to be held on June 5, the company plans to seek out opportunities for it to enter the Russian and Northern European markets. Paycock receives support for its overseas marketing activities from the K-ICT Born2Global Centre, an organization affiliated with the Ministry of Science, ICT and Future Planning.

(Source: Korea Herald)