SEOUL, South Korea, Aug 27 (Korea Bizwire) – People once talked about the end of cash with the advent of the credit payment system. In Korea, ever since that time, credit card companies have competed fiercely with each other to draw more customers through diverse benefits such as customer loyalty program points and discounts. Then what’s next for the future of credit cards?
Lee Kang-tae, CEO of Korea’s biggest credit card company BC Card, said on August 26 that a mobile-friendly system for credit payment will lead a new era for credit cards. On the event of one-year anniversary in taking charge of the company, Mr. Lee termed the introduction of credit payment ‘Credit Card 1.0′ and the following era of competition in services ‘Credit Card 2.0.’ He then emphasized that we are at a crossroads for ‘Credit Card 3.0′ that drives us to embrace mobile environment as new grounds for the credit card business.
Roads to successful business in the era of Credit Card 3.0 require an effective convergence of finance and communication. BC Card is planning to lead the way to the mobile friendly credit system while cooperating with KT, Korea’s largest telecommunications company. Mr. Lee proclaimed that BC Card will expand the diffusion of mobile credit cards for contribution to the reduction of plastic cards, saving 200 billion won (US$179 million) a year.