Seoul, KOREA ¶ Jan 31, 2012 (Whowired) -- Korea’s largest mobile telecom service provider KT announced on January 31 that it has launched a prepaid electronic money service “ZooMoney” (rhymes with “pocket” or “pouch” in Korean). With this service, the company says, the users can send and receive small change through their mobile phones.
The ZooMoney service will allow the users to recharge their accounts on the website or on the smartphone app without visiting the bank. Whenever they need to take the cash out, they can do so by using the Shinhan Bank ATM machine in more than 8,000 locations across the country.
The service can be used for sending money for funerals or weddings, chipping in for a party or donation, all without the need for a bank account number. All the user needs is the mobile phone number of the person to whom she sends money. It is expected that the new service will increase small business transactions either online or in brick-and-mortar stores.
Sean Chung (firstname.lastname@example.org)
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