SEOUL, June 30 (Korea Bizwire) – BC Card has decided to open the source code for mobile card issuance to all financial firms and start-ups to contribute to the growth of the FinTech industry in Korea. The company has already spent some 30 billion won to develop the source code.
The biggest payment processing company and local brand network in Korea announced on June 29 that it would make the source code for operation mobile cards including technology standards, asset and operation knowhow public for the revitalization of the mobile card market.
The source code unveiled this time contains core technologies that enable all of the processes for the issuance of mobile cards and payments in a standardized program. BC Card will open other related solutions for mobile cards later.
An official at BC Card said, “The source code can prevent overlapped investment of card companies to obtain mobile card issuance technology, and through the cooperation and partnership with startups, it is expected to form a creative economy ecosystem with various new business opportunities.”
With the move, all of the financial institutes aiming to deal with mobile cards can be equipped with related infrastructure without additional development fees or royalties.
In addition, BC Card expects a reduction in the outflow of national wealth to international card companies like Visa and Mastercard by using the KS mobile card. The company said, “If Korean card companies issue domestic usage only mobile cards using the source code, they can reduce the royalties paid to international brands.
According to BC Cards, 60 to 70 percent of credit cards are only used in Korea, but they pay approximately 141.4 billion won of royalties to foreign card brands.
Suh Joon-hee, president and CEO of BC Card, said, “By offering the source code for free, we expect the domestic Fintech industry to grow rapidly. For further development of the financial industry, we will expand and develop new Fintech services.”
By John Choi (email@example.com)