South Korea’s telecom titan KT Corp. said Monday that it will roll out a new service for Apple Inc.’s iPhone, which will turn the smartphone into a mobile wallet for wireless financial transactions.

The country’s second-largest mobile operator plans to introduce a new smartphone case for the iPhone based on near field communication (NFC) technology, which allows a wireless exchange of data within a 10 centimeter range, it said. The NFC case will enable users to make credit card payments or pay subway fees by simply waving their iPhone over an electronic reader, KT said.

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