SEOUL, July 25 (Korea Bizwire) — As discussions intensify around the adoption of Korean won-based stablecoins, credit card companies in South Korea are scrambling to respond, concerned about potential disruption to their traditional role in the payments ecosystem. According to financial industry sources on Thursday, the Credit Finance Association and eight major credit card companies [...]
SEOUL, Oct. 18 (Korea Bizwire) – Hyundai Card, a major South Korean credit card company, has successfully exported its proprietary artificial intelligence software to Japan, marking the first such international sale by a South Korean financial institution. The company announced on October 17 that it had signed a contract to sell its AI software, Universe, to [...]
SEOUL, Sept. 19 (Korea Bizwire) – In a sign of growing financial strain on South Korea’s middle and lower-income households, credit card loans, often a last resort for quick cash, have reached unprecedented levels this year. According to data released on September 18 by the Credit Finance Association, the outstanding balance of card loans, including debt [...]
SEOUL, Jun. 21 (Korea Bizwire) – The ongoing economic struggles faced by many South Korean households due to high interest rates and inflation have led to a surge in credit card debt, surpassing 40 trillion won last month. Additionally, the use of “balance transfer” loans, which allow borrowers to consolidate debt from one credit card to [...]
SEOUL, May 21 (Korea Bizwire) – As the South Korean public continues to grapple with high interest rates and soaring consumer prices, credit card loan balances reached an all-time high last month, reflecting the mounting financial strain on ordinary citizens. According to data released on May 20 by the Credit Finance Association, the combined credit card [...]
SEOUL, Jan. 31 (Korea Bizwire) — Card use in South Korea exceeded 1,000 trillion won (US$811.4 billion) for the first time ever in 2022 as eased coronavirus curbs bolstered consumption, data showed Tuesday. According to the data provided by the Credit Finance Association, credit and debit card use amounted to 1,097.7 trillion won last year, [...]
SEOUL, Dec. 21 (Korea Bizwire) — Overseas credit card use in November, typically part of the travel off-season, jumped significantly this year, largely due to the quick recovery of interest in foreign travel, data showed Wednesday. Overseas credit card spending at seven card companies reached 1.63 trillion won (US$1.26 billion) in last month, which was [...]
SEOUL, Nov. 3 (Korea Bizwire) — Alarm bells are ringing for South Korea’s credit card industry, which has many vulnerable debtors, including those with low income and low credit scores, as the repayment capability of debtors is showing signs of deteriorating due to the recent hike in the benchmark interest rate. The nation’s seven major [...]
SEOUL, Nov. 2 (Korea Bizwire) — A South Korean credit card company has released a new card targeting consumers who actually want to pay on an installment plan at places like restaurants but hesitate to do so in fear of losing face in front of their acquaintances. LOCA NANUGI Card, released by Lotte Card Co., [...]
SEOUL, Oct. 25 (Korea Bizwire) — South Korean credit card companies are releasing a string of new cards targeting pet owners. The Samsung iD PET Card, released this month by Samsung Card Co., offers a 30 percent discount of up to 50,000 won (US$34.81) per month when cardholders use veterinary clinics or pet-related shopping malls. [...]