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Credit Card Spending Drops at Record Rate in March amid Virus Woes

Credit Card Spending Drops at Record Rate in March amid Virus Woes

SEOUL, April 28 (Korea Bizwire) — South Korea’s credit card spending fell at the fastest rate ever last month, data showed Tuesday, amid the spread of the new coronavirus that continued to keep people away from unnecessary contact. In March, the amount of purchases using credit and debit cards dropped 4.3 percent from the same [...]

Credit Card Loans Soar 26 pct Due to Virus in March

Credit Card Loans Soar 26 pct Due to Virus in March

SEOUL, April 22 (Korea Bizwire) — Credit card loans in South Korea surged nearly 26 percent on-year in March as cash-strapped people rushed to borrow from card firms amid a prolonged coronavirus outbreak, industry data showed Wednesday. New loans extended by seven credit card firms — Shinhan, KB Kookmin, Woori, Hana, Samsung, Hyundai and Lotte [...]

Online Credit Card Spending Jumps 22 pct on Virus in March

Online Credit Card Spending Jumps 22 pct on Virus in March

SEOUL, April 10 (Korea Bizwire) — Online credit card spending in South Korea soared more than 22 percent in March, as consumers avoided going out due to the spread of the novel coronavirus, data showed Friday. Online credit card purchases approved by the country’s eight card firms — Shinhan, Samsung, KB Kookmin, Hyundai, BC, Lotte, [...]

Ondot Systems Introduces Breakthrough Card App® for Credit and Debit Issuers

Ondot Systems Introduces Breakthrough Card App® for Credit and Debit Issuers

Santa Clara, CA, Oct. 28 (Korea Bizwire) — Ondot Systems, the digital card services platform for credit and debit issuers, today announced Card App®, a first-of-its-kind white-label app that enables issuers to empower cardholders with in-the-moment convenience, control and transparency for their physical and virtual cards. Ondot’s Card App enables any issuer to brand and [...]

Short Trips to Vietnam and Japan Lead to Drop in Credit Card Spending on Overseas Trips

Short Trips to Vietnam and Japan Lead to Drop in Credit Card Spending on Overseas Trips

SEOUL, May 24 (Korea Bizwire) — Credit card spending by South Koreans in foreign countries declined in the first quarter of 2019, although the number of overseas travelers increased due to the winter vacation. The increase in foreign trips is attributed to an increase in the number of travelers who made short trips to Asian [...]

Gov’t Asked to Allow Foreigners to Pay Immigration Fees by Credit Card

Gov’t Asked to Allow Foreigners to Pay Immigration Fees by Credit Card

SEOUL, Dec. 13 (Korea Bizwire) — A government civil rights watchdog said Thursday it has asked the Ministry of Justice to allow foreigners staying in South Korea to use their credit cards to pay immigration fees. According to the Anti-Corruption & Civil Rights Commission, foreigners are currently required to pay fees related to immigration and [...]

Credit Card Companies Allowed to Use Mobile Messengers for Customer Notices

Credit Card Companies Allowed to Use Mobile Messengers for Customer Notices

SEOUL, Dec. 13 (Korea Bizwire) — Credit card companies will be able to use mobile messengers to send payment notices to their customers, a measure that could save them up to 3 billion won (US$2.66 million) a year, officials said Thursday. Credit card firms have been using text messaging service to notify clients of card [...]