If users place their NFC-enabled credit cards on the back of their smartphones, the smartphones can read the personal information, the KCC said. During the process, credit card firms and credit appraisal firms share the information to prove whether the information is genuine.

"The commission is in the process of evaluating businesses that will run the pilot program," said a KCC official, adding that authorities will pick the final candidate for the commercial service sometime in July.

In South Korea, people are required to download a program provided by local financial institutions in order to log on to online banking websites or make purchases at online malls. The program contains Internet banking users' confidential financial information.

Other options for personal verification include the use of public key certificates and getting short message services through cell phones.

Putting too much personal information online, however, has raised concerns about information leaks and led to the adoption of the so-called I-Pin (Internet-personal identification number) service. (Yonhap)