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SK Planet Wallet Case Study LR

SK Telecom Planet Wallet

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Jason Goh
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22 views2 pages

SK Planet Wallet Case Study LR

SK Telecom Planet Wallet

Uploaded by

Jason Goh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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CASE STUDY: SKT SMART MOBILE WALLET

KEY STATISTICS


Operator: SK Telecom 
Target audience demographics: The consumer experience
All population segments Although SK planet launched the Smart Wallet as early as June

Country: South Korea

TSM provider: SK planet 2010, it didn’t promote the service initially as there were only a small

Launch date: June 2010 number of service providers supporting the wallet. SK planet also
(soft launch) 
Operating system: The Smart wanted to test and refine the user interface before large numbers
Wallet is available for Android of consumers registered to use the service.

Services offered: Transport
and iOS.
tickets, entrance/movie tickets, Today, the Smart Wallet is preloaded on 50% of the handsets SK
loyalty programmes, coupons 
Handset compatibility: Telecom sells. To register for the service, the consumer inputs
and stored value cards, but not The Smart Wallet can be used their individual security number issued by the government, which
full payments yet. The wallet on all Android phones, iPhones, is encrypted on both the client and the server to keep this data
can be used both online and iPads and Android tablets confidential. Although SKT doesn’t use the SIM card to secure the
at point of sale. sold in the Korean market. service, the consumer can choose to protect access to the wallet
with a PIN code.
Executive summary SK planet says the Korean regulator audits the Smart Wallet system
SK planet, SK Telecom’s internet services arm, launched its once every year to ensure that individuals’ government-issued ID
Smart Wallet in June 2010 to help it build an e-commerce numbers aren’t made public. Moreover, each new payment method
platform and attract consumers and service providers to the that is added to the wallet has to pass a government audit first.
SK planet ecosystem. One of SK planet’s stated ambitions is The Korea Times reported in May 2013 that a survey conducted by
to be Asia’s leading e-commerce player. research firm Tillion found that 65 percent of Korean smartphone
By April 2013, the Smart Wallet had nine million subscribers users aged over 14 had used smart wallet functions in the past three
and 2.5 million active users per month. The wallet has been months. Of those who used smart wallet functions, 75 percent said
most successful with people in their twenties. SK planet says SK planet’s Smart Wallet was the application they had used most
that 220 service providers support the wallet and it can be frequently in the past month.
used in 80,000 locations across Korea. SK planet attributes the
success of the wallet to its belief in the concept and the timing
of the launch – it was the first service of its kind in Korea. SK
planet also tries to support its service providers as much as
it can. “If they want us to change, we change,” says Jeenwoo
Park, manager at SK planet. “We have adapted to the changing
market. We have changed the user interface completely,
for example.”
SK planet earns revenue when a service provider issues a
membership (loyalty) card for use inside the wallet. The service
provider pays about 50 US cents to register a card and then
10 cents each time the card is used.
CASE STUDY: SKT SMART MOBILE WALLET

Features and functionality


The Smart Wallet, which can be used both online and at point
of sale, supports transport tickets, entrance tickets, movie tickets,
loyalty programmes, coupons and stored value cards, but not
payments from debits and credit cards. A consumer can retrieve
MasterCard and VISA cards installed on the SIM card, but they
can’t be used via the wallet yet. However, the Smart Wallet’s stored
value card can be used at the country’s five main convenience
stores, a bookstore chain and movie theatre.
To redeem coupons stored in the Smart Wallet and collect loyalty
points, consumers use barcodes and QR codes with an expiry date.
SK planet says that many Korean merchants don’t yet have the
necessary contactless infrastructure to support NFC, but the wallet
will support NFC transactions in future.
Compatible with any smartphone or tablet running Android or
Apple’s iOS system, the Smart Wallet service is independent of the
SKT network and the SIM card, so customers of other Korean mobile
operators can download the wallet on to their phones.
If a consumer switches mobile operator they can take the wallet
and its contents with them. The Smart Wallet is designed for use
in South Korea, but if the consumer has registered with one of the
airline programmes supported by the wallet, they can collect points
and mileage on purchases made in some foreign airports.

Wide support from service providers


At first, Korean merchants didn’t have any interest in the Smart Jeenwoo Park says that SK planet is very responsive to requests
Wallet proposition, says Jeenwoo Park, manager at SK planet, as from service providers. “We provided a very simple standard
they didn’t see any need for a wallet service. However, Park says page for coupon or membership, but service providers requested
consumers began to adopt the service because they wanted to that we produce a more sophisticated design with more images,
be able to keep multiple membership (loyalty) cards in one place. more information categories or new functions,” he says. “In this
As more consumers adopted the wallet, SK planet convinced more case, we modified their pages as they required and updated the
service providers to come on board. SK planet says that 220 service page features as our standard. For instance, we implemented a
providers now support the wallet and it can be used at 80,000 membership page as an HTML page, accessible from the web server
point of sale locations across Korea. SK planet promotes the wallet and made it modifiable in a timely manner so that users didn’t need
to service providers on the basis that it will enable them to reach to upgrade their app each time a service provider modified their
the operator’s large customer base and can be used to support page. After this, we applied a service provider’s requirements to our
customer relationship management (CRM). The service provider standard page enabling all other service providers’ pages to
pays SK planet about 50 US cents to register a loyalty card and then be updated.”
10 cents when the card is used. SK planet says it plans to further develop the Smart Wallet into
SK planet’s flagship payment platform.

For further information please contact: mobilecommerce@gsma.com


GSMA London Office T: +44 (0) 20 7356 0600 www.gsma.com/mobilecommerce

About the GSMA


The GSMA represents the interests of mobile operators worldwide. Spanning more than 220 countries, the GSMA unites nearly 800 of the world’s mobile operators with 250 companies in
the broader mobile ecosystem, including handset and device makers, software companies, equipment providers and Internet companies, as well as organisations in industry sectors such as
financial services, healthcare, media, transport and utilities. The GSMA also produces industry-leading events such as Mobile World Congress and Mobile Asia Expo.
For more information, please visit the GSMA corporate website at www.gsma.com. Follow the GSMA on Twitter: @GSMA.

September 2013

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