Fintech Magic is a fingerprint-based mobile payment app that smartphone holders can use anywhere, anytime regardless of their smartphone brand. Fintech Magic offers fixed-mobile payment infrastructure, so stores do not need to replace their point of sale terminals.
All you have to do to make a payment is hold your smartphone against the MST (magnetic secure transmission) payment terminal. As Fintech Magic features a phone-to-phone wireless payment system, it helps users steer clear of hacking threats.
What’s more, random numbers are generated as a substitute for the user's credit card details to carry out each transaction between the payment terminal and the smartphone. Above all, Fintech Magic comes with a safeguard against fingerprint theft as it assigns different numerical values to fingerprint patterns, rather than simply use fingerprint images.
SHS, led by CEO Lee Do-hoon, holds 13 patented mobile payment technologies under its belt. SHS’s Fintech Magic won the top award in the electronics category of the 9th South Korea Excellent Patent in 2015; an excellence award at JB Financial Group Fintech Contest; and the first prize at Scientific Security Idea Contest 2015, held jointly by the Ministry of Science, ICT and Future Planning and the National Police Agency. This year, SHS was accepted into Shinhan Future’s Lab, a fintech startup support program launched by Shinhan Financial Group.
Lee built his career at Samsung Electronics before he set up SHS in 2002. In 2013, SHS started to apply for a patent on its fingerprint-based mobile payment system. Pursuing the sophistication of technologies in its patent portfolio, SHS has been invigorating mobile-based small amount payment services at offline stores affiliated with mobile network operators. CEO Lee says that SHS’s goal is to become the first Korean company to export a homegrown mobile payment system to Southeast Asia, Latin America and Africa.
