News
TMONET Joins OSPT Alliance to Expand its Mobile Payments Service Beyond Korea
September 2015 by Marc Jacob
OSPT™ Alliance, the international association which provides an open standard for secure transit fare collection solutions, has welcomed TMONET, a mobile payment service and solution provider based in South Korea, as a Full Member.
TMONET operates Mobile T-Money, the mobile application of the T-Money payment card launched by its partner, Korea Smart Card Co. (KSCC) in 2004. The service, which has been adopted in South Korea and New Zealand, allows users to make transactions for public transport fare collection and retail via a mobile phone. TMONET holds 90% of the mobile payment market share in Korea, with a service that has been adopted by 3,500,000 users across 45,000 bus and subway gates and 60,000 retail outlets.
TMONET will integrate OSPT Alliance’s CIPURSE™ open standard – which offers an advanced foundation for developing highly secure, interoperable and flexible applications – into its Mobile T-Money solution. The company is evaluating opportunities to improve and expand its service, including the development of a cross-border mobile solution for transport ticketing.
OSPT Alliance’s Executive Director, Laurent Cremer, concludes: “More and more contactless applications, such as transport ticketing, payment and loyalty will be adapted to mobile devices over the coming years. To meet market requirements for cross border services, a secure, open, flexible and standardized foundation such as CIPURSE is imperative.
