SEOUL, April 24 (Korea Bizwire) – Cash payments fell to less than half of all payments at a major convenience store chain in 2016 as a growing number of people used credit, debit and other cards, the chain said Sunday. It is the first time that card payments have exceeded 50 percent of the total at any convenience store chain, CU said. Card payments at CU outlets rose to [...]
SEOUL, March 6 (Korea Bizwire) – South Korea’s credit card companies suffered a drop in their net profit last year on a sharp increase in marketing cost and loan loss expenses, data showed Monday. Eight standalone credit card firms here posted a total of 1.81 trillion won (US$1.5 billion) in net profit, down 9.9 percent [...]
SEOUL, Feb. 22 (Korea Bizwire) – The number of underage children using their parents’ credit cards or cell phones (direct carrier billing) to pay for their gaming ventures is on the rise, and as a result, refund requests from parents receiving monthly billing surprises are also growing. According to the Korea Consumer Agency, there were [...]
SEOUL, Feb. 8 (Korea Bizwire) – Ticket Monster, South Korea’s leading social commerce company, announced Tuesday the launch of a comparative website dubbed T-Mon Finance Mall (translated), which allows customers to compare some 5,800 on and offline financial products from 220 companies. The products available include credit cards, insurance, loans, bank accounts, installment savings, and [...]
SEOUL, Jan. 23 (Korea Bizwire) – Most can only dream of being issued an American Express Centurion Card, better known as the Amex “Black Card.” Korean credit card companies also offer similar cards for high net worth individuals, with expensive annual fees and high minimum spending requirements offset by a host of exclusive benefits. In [...]
SEOUL, Dec. 21 (Korea Bizwire) – South Koreans’ use of credit cards jumped last year from a year earlier, central bank data said Wednesday, in the latest sign that a growing number of people favor credit cards over cash for transactions. A survey of 2,500 adults by the Bank of Korea showed that credit cards [...]
SEOUL, Nov. 24 (Korea Bizwire) – The Ministry of Environment and the Korea Environmental Industry & Technology Institute have joined hands with five major financial institutions for the launch of the “Green Card v2”, scheduled for Friday. Green Card v2 is a follow-up of the original Green Card, but with extended benefits. The Green Card [...]
SEOUL, Nov. 16 (Korea Bizwire) – South Korean credit card companies posted a small increase in their net profits in the first nine months of 2016, undeterred by commission cuts, data showed Wednesday. They lowered the fee rates early this year for merchants with the annual sales of between 200 million won (US$170,000) and 300 [...]
SEOUL, Oct. 17 (Korea Bizwire) – Use of prepaid cards in South Korea almost halved in the second quarter of this year from three months earlier, government data showed Monday, as card firms are passive about the costly business. The country’s prepaid card spending stood at 869.3 billion won (US$765 million) in the April-June period, [...]
SEOUL, Oct. 4 (Korea Bizwire) – South Korea said Tuesday it will introduce a new system to enable reporting multiple credit cards lost or stolen with just a single phone call. So far, card holders have been required to report separately to each card issuer. South Korean adults have an average of 3.4 credit cards, [...]