South Korean Woori Bank is set to jump into the wearable banking market in partnership with smartphone maker Samsung Electronics.
The bank recently said it would provide "Woori Watch Banking" allowing smart watch users to check their account and to withdraw cash from ATM for the first time in the local financial industry.
"Woori Watch Banking" is the mobile app exclusively used for smart watch, which is rolled out in partnership with Samsung Electronics' Gear S2.
Unlike traditional watch banking service, which allows only checking account, this service enables users to withdraw money and even to charge transportation card.
Further, with security service "One Touch Remote Control," users can immediately block Internet banking and ATM transaction via their smart watch when financial fraud is suspected.
The service allowing users to withdraw cash from ATM is available in the bank's all branches nationwide.
Users can withdraw cash by inserting six-digit passwords sent via security module on smart watch without credit card or bank book.
