Mobile Payments in South Korea

South Korea: General Information

Population:

48,875,000

Currency:

KRW (10 KRW = ~0.01 EUR)

More info:

South Korea

Mobile operators:

SKT, KT, LG U+

Mobile Operators Market Share

Billing:

MO-billing

Price (KRW) incl. VAT	1 000.00	2 000.00	3 000.00	5 000.00	10 000.00	20 000.00
Price (KRW) excl. VAT	993.05	1 986.10	2 979.15	4 965.24	9 930.49	19 860.97
Pay-by-Mobile Widget In-App Payments for Android	85%	85%	85%	85%	85%	85%

The table above shows your revenue after the operator's share, Fortumo commission and the costs of sending the users a reply SMS

Mobile operator takes a revenue share on each transaction for handling billing, collecting money and covering credit risk. The operators then pay the remaining money (usually between 40% and 60% depending on end-user price) to Fortumo. Fortumo pays you the money received from operators minus a small commission (which can be only 2-3% of net price, depending on country, type of service and volume). The table above shows your revenue after the operator's share and Fortumo commission.
Presented revenue share is calculated from the Price excl. VAT (0.7%).
Price presented to end user is Price incl. VAT (example: 20 000.00 KRW)
Payout cycle in South Korea is 4 months

Fortumo pays you money immediately after we have received it from the mobile operators. Operators in different countries pay at different speeds. Payout cycle of 4 months means that the revenue earned by your services in January will be transferred to you in the first half of June.
After the initial waiting period, you would get a payout each month, as your February money arrives in July, March money in August, etc.

January February March April May June

1. Your services earn revenue
2. Operators pay money to Fortumo
3. Fortumo pays money to you

The service must be in compliance with Fortumo Terms of Service, South Korean legal acts and good morals.
The end user price must be clearly stated in the advertisements and instructions of use.
Adult content, gambling and lottery related services are strictly forbidden.
Multiple billing is not allowed.