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, [...]
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 [...]
SEOUL, March 8 (Korea Bizwire) — South Korean consumers are increasingly pulling out their debit cards to make purchases, thanks in part to the income tax deductions their use engenders and attractive loyalty programs, new data from the Bank of Korea (BOK) has revealed. According to the report released by the BOK on Tuesday, spending on [...]
SEOUL, Jan. 5 (Korea Bizwire) — Kakao Corp., the operator of the country’s top mobile messenger service Kakao Talk, will launch debit cards next week to jump into the offline payment business, company officials said Friday. Promotional events are already under way before the official launch Wednesday for the debit cards that will be linked [...]
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, Sept. 7 (Korea Bizwire) – Starting October 5, Korea will launch its first debit card cashback service at convenience stores. Although a popular practice in a number of western countries, the service has not yet been introduced to Korean consumers. In a nutshell, the service is offered to customers who wish to add a certain [...]
SEOUL, March 29 (Korea Bizwire) – South Korean credit and debit card spending jumped 8.8 percent last year from a year earlier as consumers increasingly favor using cards both for small-sized daily settlements and big tax payments, government data showed Tuesday. The card-based expenditure reached 667.1 trillion won (US$572 million) in 2015, up from 613.2 [...]
SEOUL, Jan. 29 (Korea Bizwire) - Debit card use in South Korea continued to rise in 2015 on tax benefits, data showed Friday, in a sign that the direct payment system is taking root in the country. According to the data by the Credit Finance Association of Korea (CREFIA), purchases made with debit cards reached 131.5 [...]
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, May 16 (Korea Bizwire) – The average number of credit cards per person has fallen below four last year in Korea. The number is likely to decrease this year as debit cards are gaining popularity and people tend to avoid using credit cards even more due to a series of data security breaches. On [...]