Shinhan Card launches mobile payment service for iPhone

Shinhan Card Co., a South Korean credit card issuer, said Tuesday that it has begun mobile payment services exclusively for Apple Inc.'s iPhone 4 for the first time in the country. According to Shinhan Card, an iPhone user could use the service by equipping the handset with a special case that contains a near field communication (NFC) chip. The case enables iPhone users to pay for goods and services by simply waving their handsets over an electronic reader, the company said. South Korean iPhone users have so far been unable to use mobile payment services because the NFC chip has to be installed in a handset in advance. Apple's iPhone is currently offered by SK Telecom Co. and KT Corp., the country's two largest mobile carriers.