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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 [...]

INVEX Partners with Ondot to Launch the First Instant Digital Card in México

INVEX Partners with Ondot to Launch the First Instant Digital Card in México

Santa Clara, California and Mexico City, Mexico, Oct. 22 (Korea Bizwire) — INVEX (BMV: INVEX A) Credit Card business, the only monoliner specializing in payments and cobranded cards, with focus on 100% digital customer experience in Mexico, has partnered with Ondot, the global leader in mobile payments services, to deliver full card life-cycle management associated [...]

Cashless Economy Encroaches on Everyday Life

Cashless Economy Encroaches on Everyday Life

SEOUL, Oct. 12 (Korea Bizwire) — On an ordinary weekday in downtown Seoul a middle-aged woman walks into a Starbucks to order a cup of coffee. When she takes some paper bills out of her purse to pay the cashier, he politely refuses them and points to a notice at the entrance. “This store doesn’t [...]

Interchange Fees Stifling Small Business

Interchange Fees Stifling Small Business

SEOUL, Oct. 5 (Korea Bizwire) — Merchants in North Jeolla Province are struggling under the burden of interchange fees, according to a recent survey conducted by the Korean Confederation of Trade Unions (KCTU). Queried on the business expense that needs to be addressed most urgently, 59.3 percent of the respondents chose interchange fees. That is [...]

Credit Card Companies Pay Close Attention to the Launch of “Seoul Pay”

Credit Card Companies Pay Close Attention to the Launch of “Seoul Pay”

SEOUL, Jul. 26 (Korea Bizwire) — Credit card companies are on high alert after the launch of a new payment system by the city of Seoul that allows small business owners and their customers to make monetary transactions without any fees. Yesterday, the Seoul Metropolitan Government announced the launch of “Seoul Pay,” a zero transaction [...]