Seoul, Korea, November 4, 2013—SK Planet announced that over 1 million users have signed up for
its super easy payment service paypin. 
 
Paypin is a simple-to-use payment service optimized for the mobile environment. Various means of payment
such as credit cards and smartphones may be registered on the paypin app so that transactions can be made
by a simple pass code without having to input critical information like the credit card number every single time.
 
The convenient shopping experience delivered by the app has gained it 150,000 new subscribers
in the past two months, the cumulative total user number exceeding 1 million. As of September,
monthly customer number is four times the average of the first half of 2013,
while the transaction volume is double the mean for the same period. This effectively placed paypin
as the solid leader in the mobile payment space.
 
Launched in May 2012, paypin was quickly embraced by the local credit card companies for its speed
and ease of transaction. Shinhan, Hana SK and BC cards have successively been added to the paypin
service as SK Planet continued to expand acceptance.
 
Paypin’s initial partners included 11st and small-and-medium sized shopping malls.
SK Planet moved on to form alliance with major Korean payment gateways such as KG Inicis,
LG U+ and KCP which expanded paypin acceptance to major social commerce platforms
such as Timon and wemakeprice.com. More recently paypin signed deals with YES24.com,
Korea’s number one online bookstore with over 9 million members. Paypin is now an
important means of payment available in some of the largest merchants in Korea both online and mobile. 
 
Security is another advantage that paypin offers. The conventional method of mobile payment
involved the use of un-encoded one-time authentication code sent to the phone, which may be intercepted
through smishing. However, in paypin transactions, the authentication code is encoded in the paypin server
before transmission to paypin app, and the user can check the authentication code only by inputting
a pre-set six digit password. This protects the authentication code from being compromised.
 
SK Planet has filed four patent applications under the Patent Cooperation Treaty, successfully passing
the preliminary examination and completing the application for US domestic patent. These patent
applications cover four processes designed to block frauds during paypin transactions namely,
signing up for membership, mobile payment, electronic payment using log-in information and offline payment.
 
“Paypin is the leading simple payment service that offers an easy solution to pain points faced
by users of mobile commerce,” said Lee Jae-hwan, Senior Vice President and Head of Platform
Business of SK Planet. “We will continue building partnerships to grow in the mobile and online
commerce markets and expand into the offline payment space.”
 
To celebrate the launch of paypin on YES24.com, all customers purchasing over 10,000 won worth
of merchandise will be given a discount of 2,000 won until November 15 (not applicable to movie
and performing arts tickets). Paypin may be downloaded on all devices regardless of the network
operator from T Store, Google Play Store and Apple App Store.