April 30, 2001 in Social Responsibility News

SAMSUNG SDS to introduce Smart K-Cash with transfer and compatibility

Industry players are introducing new products as they struggle for position, ahead of the Ministry of Health & Welfare's adoption of health insurance card.

Samsung SDS (CEO Hong-Ki Kim) is the first in the country to complete development of a new chip operating system (COS) to be applied for K-Cash, Korean electronic cash. Beginning in June, 1 million K-Cash cards with the new system will be distributed through out the country. Furthermore, Samsung SDS has completed development antennas that are compatible with both type/A and type/B transportation system standards of the Ministry of Information & Communications jointly with FEC of Japan, which is a wireless antenna chip developer. The company has begun supplying transportation system terminals for metropolitan buses in Suwon and Chunchon, where K-Cash operations is in progress.

Electronic cash card, which has an IC chip built in, can be used like conventional cash by recharging. Some of the business area of the electronic cash are: ▶ IC chip manufacturing, ▶ card manufacturing (after securing the chip), ▶ development of chip operating system and devices (terminals), ▶ development of application systems.

K-Cash chip operating system developed by Samsung SDS meets K-Cash standards developed by the Bank of Korea and Financial Telecommunications & Clearing Institute to promote the use of electronic cash, but it boasts faster processing speed than the conventional operating system.
- In particular, both bus and the subway system are under the same payment system in the COS. It is particularly meaningful in that it enables transportation transfer system, in which consumers pay the same fare for the same travel distance.
- In addition, it supports multi-lateral system, which is an advantage ahead of the introduction of the "transfer discount" system, which gives discounts when consumers use the transportation system again within one hour.
- IC cards with the operating system with a new concept will be in commercial production beginning in this month, and they will be first distributed in Chunchon (250,000 cards), Suwon (750,000 cards) and Kimpo (200,000 cards). Consumers with the new IC card can be easily recharged through the Internet with their personal computers equipped with a terminal.

Furthermore, the compatible terminal jointly developed by Samsung SDS and FEC of Japan is compatible with both the type A cards used in the conventional bus card system and the type B cards that incorporate electronic cash functions. This allows consumers to use the transportation cards adopted by individual regional governments.

Samsung SDS has been pursuing electronic cash operations based on the K-Cash in both domestic and overseas markets and has selected Chunchon, Suwon, Milyang to introduce its K-Cash to reach revenue of 40 billion Won in this year. Samsung SDS is actively tapping overseas markets following the sales of medical IC cards worth 200,000 cards per month to the city of Kasazawa in October 2000.


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