Currently, credit card companies, banks and e-money developers are competing to stay ahead in the race for a dominant smart card. The ministry said it would offer smart card readers to info-tech education trainees for free this year, in a bid to help make the next-generation multi-purpose card widely available.

The reader machine, which can recognize smart cards and execute transactions, will be provided by Traveler's Card International, while Korea First Bank and other participating companies will help issue K Cash Cards with 5,000 won in advance deposit. The project, estimated to cost 1.2 billion won, will come along with other promotional events so that PC makers and e-money operators join forces to jumpstart the fledgling smart card market in Korea, MIC said.