S-Oil partners with KT Corp. for in-car payment solutions
South Korea’s S-Oil Corp. is partnering with the country’s leading telecom firm KT Corp., formerly known as Korea Telecom, to offer simpler and faster payment options at its retail outlets nationwide using connected car technology.
S-Oil will link its service stations with KT’s connected car commerce solution, which will allow drivers to pay for their petroleum product purchases, without having to get out of their car. Using the connected car technology, a car with internet connectivity can also function as a credit card.
S-Oil said the connected car commerce solution will not only help provide faster and easier payment options but also support its service station operators manage their business better. S-Oil has nearly 2,400 service stations with a 21.8% market share.
An S-Oil official said the company will soon start testing the payment service at some retail outlets, gradually expanding the adoption through the country.
In addition to the connected car commerce solution, S-Oil plans to use KT’s big data technology to analyze and upgrade its strategy for operating its retail network.