On June 2, Harex InfoTech Inc. (Park, Kyung Yang, CEO), UBpay (User Centric Mobile Payment Shared Platform) Service Provider,signed a partnership agreement with Korea Expressway Corporation (Kim, Jin-Sook, CEO) to provide easy mobile payment service for toll.
In April, 2020, Korea Expressway Corporation made an open bid to select a mobile payment service provider for toll collection, and Harex InfoTech was ultimately selected as the exclusive operator.
Harex InfoTech Inc. plans to provide services that allow users to pay tolls on highways with credit cards, check cards, bank accounts, and other payment tendersthrough the app operated by the Korea Expressway Corporation.
By sharing the UBpay platform in the Korea Expressway Corporation’s app and affiliate apps, Korea Expressway Corporation can reduce the cost of toll collection by using “UBpay” user centric mobile payment shared platform, which eliminates intermediary cost in the payment process, unifies the various channels for collecting the toll fees into one user centric service, and makes toll payment more convenient for users.
■ Harex InfoTech Inc.
Harex InfoTech Inc. (Park, Kyung Yang, CEO), the pioneer of Fintech, announced the first mobile card payment system in the world at Silicon Valley, on April 2000 and holds most critical patents applying to almost all steps of mobile card payment service, multi-factor authentication system combining with PIN and biometrics, payment, cash out and remittance service with the mobile and the user centric payment platform shared with alliance partners. Harex InfoTech Inc. received the ‘Best Technology Awards’ in Innovation Project Awards hosted by Harvard University in 2013. Harex InfoTech currently supplies the customized services to its alliance partners such as financial institutions, merchants, social-medias and various service providers with sharing Harex InfoTech’s own platform of user centric payment and opens whole new user centric economic world, creating true sharing economy.
■ UBpay–‘User Centric Mobile Payment Shared Platform’
UBpay, shorts for Universal Benefits, is mobile payment, banking and commerce shared platform that offers an integrated payment service for users through their smartphones with all issuers in S. Korea. By enabling users’ smartphones to request payment authorization directly to the financial institutions (like banks or credit card companies), UBpayis entirely differentiated from the conventional payment service in which merchant processors (router) request payment authorization to the financial institutions via middlemen.
Unlike the conventional payment services which require the merchant to have user’s financial information, UBpay user authenticates directly to the financial institution without passing user’s financial information to the merchant. UBpay and all powered by UB apps are currently usable in various online and brick-and-mortar stores like CU (convenient store chain), SSG.com (One of the biggest online shopping mall), culture land (gift certificate exchange), APT maintenance and utility billing (8.5 million households coverage), highway toll payment, railroad, taxi, public home shopping, hospital, traditional markets and 550,000 affiliated merchants including a small mom and pop stores nationwide collaborated with Zero pay, sponsored by the S. Korean government.
When any businesses that currently offer their own services with the apps share the UB platform through the partnership, free of charge, they are able to provide not only mobile payment service but also diversified online to brick and mortar services with their own brands. Small merchant’s “My Shop” service that enables small merchants to offer mobile order & pay, pick-up or delivery andmobile-based customer rewards services like loyalty points, coupon, stamp and to sell their products and services through the mobile, “Taxi Call and Pay by mobile”, “Medical FinTech” service offering user one stop medical service from the hospital payment, e-prescription transfer to drugstore, and drugstore payment with allied medical insurance service, and “Recurring Payment”service, etc.are some examples. Moreover, a variety of co-marketing can be developed among the partners that share the UB platform to increase the number of users and sales revenue.
