Korea Exchange Bank to Issue Virtual Credit Cards

TOKYO (03/27/2000) - Korea Exchange Bank Credit Service Co. Ltd. (KEBCS), one of Korea's largest credit card issuers, plans to deploy a virtual credit card system from electronic payment systems provider Trintech Group, according to a statement from Trintech.

Trintech said that KEBCS plans to utilize its eIssuer technology to authorize and distribute virtual credit cards to its 5.4 million customers. The deal marks the system's first commercial use in the Asia-Pacific region.

Once downloaded from a bank's Web site and activated with a password, the virtual credit card takes the form of an icon on the user's desktop. At the payment stage of an online transaction the user simply drags and drops the icon to the payment form and all areas, such as user name, address and card number, are automatically filled in. A password is all that is needed to complete the transaction.

Internet commerce is growing fast in Korea and, according to several local surveys, already around a quarter of the population is online.

Trintech, in San Mateo, California, can be contacted at +1-650-227-7000 or online at http://www.trintech.com/.

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