On the same day, Shinsegae Group said it had established a new company "Shinsegae Payments" with a 50:50 investment jointly by E-Mart Mall and Shinsegae Mall. The newly created company will be operational by the end of this year at the earliest.

 

A Shinsegae Group official said, "We decided to launch a payment gateway service as a way to grow online shopping malls that we regard as the next-generation growth engine. Although it is important to sell as many goods as possible to make profit, we figured it is equally important to create an in-house payment service operator for higher profit as well as for better, more secure service." Currently, there are about 50 payment gateway service providers in Korea, of which KG Inicis, LG U+, and Korea Cyber Payment account for a combined market share of more than 80 percent.