SEOUL, Feb. 13 (Korea Bizwire) — South Korea’s credit card firms paid nearly 200 billion won (US$180.6 million) in fees to global credit card brands last year, virtually unchanged from the year before due to increased spending during overseas travel and online purchases from foreign shopping malls, a report said Friday. Local card issuers, led [...]
SEOUL, July 19 (Korea Bizwire) – Alipay, the e-payment arm of China’s e-commerce giant Alibaba, wants to make inroads in South Korean market — a move to create a seismic change across South Korea’s online payment service industry, according to local sources and reports. China’s leading e-payment brand held a seminar on July 18 to [...]
![[Stats] Overseas Credit Card Users and Spending](http://koreabizwire.com/wp/wp-content/uploads/2014/07/Analysis-of-Overseas-Credit-Card-Users-and-Amount-Used-1.jpg "[Stats] Overseas Credit Card Users and Spending")
Data show that there are over 60,000 Korean overseas travelers who spent over US$5,000 with credit cards to buy foreign goods in the first quarter of this year. It also found that there are plenty who spent over $100,000 on credit in acquiring items. Following the customs law amendment with a purpose to legalize the [...]
SEOUL, July 2 (Korea Bizwire) – Data show that there are over 60,000 Korean overseas travelers who spent over US$5,000 with credit cards to buy foreign goods in the first quarter of this year. It also found that there are plenty who spent over $100,000 on credit in acquiring items. Following the customs law amendment [...]
DUBLIN, IRELAND, Jul 1, 2014 (Korea Bizwire) Research and Markets (http://goo.gl/evs1z6) has announced the addition of the “Commercial Payment Cards: The U.S. and Global Markets and Trends, 8th Edition” report to their offering. While U.S. consumer credit card spending may still be pressured, commercial card purchase volume is moving full steam ahead. According to Commercial Payment [...]
SEOUL, May 28 (Korea Bizwire) – The Korea Development Institute, South Korea’s think tank, has downgraded the estimated economic growth on the ground that the aftereffect caused by the Sewol ferry incident and lower consumer spending druing the first quarter will linger on for some time now. On May 27, the state-run economic think tank predicted this [...]
SEOUL, May 20 (Korea Bizwire) – As financial frauds increase and personal information is frequently infringed due to phishing and hacking, a local bank launched a new bank account capitalizing on the people’s “worry” on the issue. KB Kookmin Bank began selling the “KB Feel-at-home Bank Account” offering compensation insurance for damages from those financial [...]
SEOUL, Korea, April 29, 2014 (Korea Bizwire) – Korea’s credit card companies started reconsidering their links with the world’s major credit card issuers such as Visa and MasterCard, which have been dominant players in the local market until recently. The industry, instead, is set to strengthen their ties with China UnionPay and Discover Card as a way [...]
SEOUL, Korea, April 14, 2014 (Korea Bizwire) – Beginning in June this year, credit card companies won’t be supposed to require new card applicants to enter their national identification numbers on the card application forms. Given credit card issuers have not found an alternative way to identify customers, however, the companies will be allowed to [...]
![[Kobiz Stats] Volumes of Credit and Debit Cards Approved per Year](http://koreabizwire.com/wp/wp-content/uploads/2014/04/카드발급장수-영문.jpg "[Kobiz Stats] Volumes of Credit and Debit Cards Approved per Year")
[Related Article] Number of Credit Cards Issued Has Declined for the First Time (Korea Bizwire, April 9) Last year, the number of cards issued, both credit and debit, declined for the first time. According to the Bank of Korea’s “Payment and Settlement Report for 2013,” a total of 209.03 million cards were issued last year, [...]