SEOUL, July 23 (Korea Bizwire) — South Korean credit card companies are pushing to collaborate with K-pop agencies to launch customized products for fans who are becoming increasingly important customers across most industries. Earlier this week, credit card giant BC Card released a new product with K-pop giant YG Entertainment. Dubbed the “BLACKPINK Card,” the [...]
SEOUL, May 12 (Korea Bizwire) – In the near future, it will become possible to settle the payments of a variety of credit cards through a single app as part of a new simple settlement system. South Korea’s six card issuers, together with BC Card Co. and NH Nonghyup Card Co., recently held a consultative [...]
SEOUL, Nov. 3 (Korea Bizwire) — Payments made with cards in South Korea grew at a slower pace in the first nine months of the year from a year earlier as consumer spending remained tepid amid the new coronavirus outbreak, central bank data showed Tuesday. Spending made with credit, debit and prepaid cards reached a [...]
SEOUL, May 31 (Korea Bizwire) — South Korean held 3.9 credit cards on average last year, data showed Sunday, as credit card holdings in the country continue to increase as more people use credit cards as their preferred payment method. There were 110.98 million credit cards in South Korea as of end-2019, up 5.92 million [...]
SEOUL, March 10 (Korea Bizwire) — South Koreans continued to reduce their use of cash last year, while their use of credit cards reached record highs both in terms of frequency and amount, a central bank survey showed Tuesday. The people had an average 53,000 won (US$44.20) in their wallet at any given time in [...]
SEOUL, March 5 (Korea Bizwire) — The amount of daily financial transactions using credit cards and electronic means continued to grow last year while the use of checks and promissory notes continued to dwindle, central bank data showed Thursday. The value of daily financial transactions using non-cash payment methods, including remittance services, came to 81.4 [...]
SEOUL, Jun. 11 (Korea Bizwire) — Credit card companies are currently consulting with financial authorities to make issuing paper receipts optional. For card companies, issuing paper receipts is becoming more costly due to last year’s reduction in transaction fees. Card companies argue that issuing paper receipts is not necessary since card users can check their [...]
SEOUL, Jan. 7 (Korea Bizwire) — Credit-card commission fees for small merchants will be lowered starting next month as the government seeks to ease financial burdens on self-employed business owners, according to officials at credit-card firms Monday. Starting in February, credit-card processing fees for small merchants with an annual revenue of between 500 million won [...]
SEOUL, Dec. 4 (Korea Bizwire) — More than 60,000 member stores of popular franchises across South Korea will be participating in the new government-led Zero Pay program. The Seoul Metropolitan Government, Ministry of SMEs and Startups, Busan Metropolitan Government, and South Gyeongsang Provincial Office signed an agreement with 26 franchises on Monday to implement the [...]
SEOUL, Jan. 27 (Korea Bizwire) – Koreans make more than half of their payments by credit cards in terms of volume, almost twice as much as Americans. According to a Bank of Korea report entitled “Koreans’ Usage of Payment Means in 2014 and Their Implications” analyzing payment usage in terms of volume by interviewing 2,500 adults [...]