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Paycock Enters Russian Fintech Market with Its Convenient Mobile Payment Service

July 13, 2017, 9:00 UTC+3

Signs MOU with subsidiary of Russian bank JSCB Almazergienbank JSC Will be engaging in full commercialization for local financial sector

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SEOUL, South Korea, July 13, 2017 /PRNewswire/. The K-ICT Born2Global Centre, a major Korean government agency under the Ministry of Science, ICT and Future Planning (MSIP), announced that Paycock, one of its member companies, has signed a business MOU with AEB IT, a Russian financial IT corporation. As a result, Paycock will now begin commercializing its mobile payment solution to satisfy the needs of the Russian financial market, which is expected to undergo rapid growth in the near future.

AEB IT is a subsidiary of JSCB Almazergienbank JSC, one of Russia's largest banks.

Paycock will first engage in service management and technology transfer, via AEB IT, prior to supplying JSCB Almazergienbank JSC with Paycock Check, its mobile payment solution designed for merchants.

Paycock Check is a mobile payment service that does not require a card-reading device, as the entire payment process is conducted using only a smartphone camera and near field communication (NFC) technology.

Compared to card-reading devices, Paycock Check is up to 95 percent cheaper in terms of operating costs. The service offers not only credit card, barcode, and QR code payment options, but also issues cash receipts.

Currently, Paycock holds two registered patents and 14 pending patent applications, and the company already possesses the security and recognition technologies that it will need in its future business endeavors in Russia.

The recent signing of the MOU is a result of the Born2Global Centre's participation in K-Global@Moscow in June.

CEO Kwon Hae-won said, "Our presentation and promotion of Paycock's business model through meetings with Russian IT companies, banks, and investors, for which we received assistance from the Born2Global Centre, led to our signing of the MOU with AEB IT, which had expressed great interest in our work. All parties agreed that our convenient mobile payment service is a new technology with great potential for application to the Russian market, where the fintech industry remains largely a blue ocean. In the future, we will be focusing our efforts on supplying related services to the local market."

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Jina Lee

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