November 21, 2024

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[THE INVESTOR] Coupang on Jan. 18 announced that it has officially launched a new payment service called OneTouch Payment.

Customers can purchase products by pressing the pay button on their Coupang app without having to log in. When the fraud detection system senses irregularities and asks to confirm their identification, customers won’t need to put in other information except their password. 

“OneTouch Payment is secure and easy to use. We expect the service to set a new bar for mobile payments for online shopping,” Chung Bo-ram, senior director of fintech business and systems, said in a statement.

Coupang said the system was developed by its fintech technicians in its global offices, including Beijing, Seattle and Silicon Valley. It also said it is the first Korean firm to apply big data and artificial intelligence technology to learn the shopping behavior of consumers and automatically detect unusual activity to prevent fraud.

The company joins the growing string of Korean firms that are applying new technology to reduce authentication clutter and cut the time and efforts involved in shopping online.

Coupang was established by Harvard Business School dropout Kim Bom in 2010 and became popular with its signature fast Rocket Delivery service, which was launched in 2014.

By Song Seung-hyun(ssh@heraldcorp.com)