No matter how many times you buy a product, you still have to provide your credit card number and authentication information (e.g., password, fingerprint, etc.) each time you place an order online. Now the hassle has been completely eliminated at Coupang. For the first time in Korea, an ecommerce platform has developed and unveiled its own payment service that only requires a single touch to finish the checkout process: OneTouch Payment.
Coupang's OneTouch Payment simplifies the online payment process. All other payment processes in Korea require additional authentication steps including password, fingerprint, security card, etc. In contrast, OneTouch Payment users only have to press the "Pay" button to checkout on the Coupang app. OneTouch Payment is available to any Customer paying with RocketPay bank transfer or reloadable RocketMoney on the mobile app.
Despite OneTouch Payment being convenient, it comes with enhanced security. Coupang leverages its own propriety Fraud Detection System to monitor each Customer's purchase patterns and requires a password only when orders deviate from expected patterns.
One click payment systems are widely used by Silicon Valley companies like Amazon and Apple. However, the service has not been available in Korea -- Coupang was the first domestic company to build it. To assess risk, Coupang leverages big data technology to rapidly process a huge volume of data along with artificial intelligence to study users' patterns.
Coupang's OneTouch Payment, RocketPay, and Fraud Detection Systems are all self-built. Coupang has hired a diverse team of customer-obsessed FinTech developers from around the world and has offices in Seoul, Beijing, Seattle, Shanghai, and Silicon Valley.
Chung Boram, Coupang's Senior Director of FinTech Business and Systems said, "OneTouch Payment is secure and easy to use. The service will set a new bar for mobile payment for online shopping. We will continue to innovate to deliver better shopping experiences to Customers."
