SEOUL, Jan. 9 (Korea Bizwire) — Applications for mobile payments and money transfers marked the biggest growth in the smartphone app market last year, data provided by Nielsen Korea showed Tuesday. Five of the top 10 apps from January to November last year were those referred to as fintech, short for financial technology, apps. Toss, [...]
SEOUL, Dec. 26 (Korea Bizwire) – A credit card points for Bitcoin swap service currently offered by KB Kookmin Card and Shinhan Card is on its last legs, as the respective firms have decided to shutter the service in January. KB Kookmin Card and Shinhan Card points can be redeemed for Bitcoins at cryptocurrency exchange [...]
SEOUL, Sept. 21 (Korea Bizwire) — KB Kookmin Card Co. said Thursday it is pushing to tap into Myanmar’s credit card market after getting the nod to set up an office in the Southeast Asian country. KB Kookmin Card, a unit of South Korea’s banking giant KB Financial Group Inc., said it won approval from [...]
SEOUL, May 16 (Korea Bizwire) – The first-quarter earnings of credit card companies in South Korea jumped 59.9 percent from a year earlier due mainly to one-off factors, the country’s financial regulator said Monday. The combined net profit of eight credit card firms, including Shinhan Card Co. and Lotte Card Co., came to 803.7 billion won (US$718.5 million) in the January-March period, compared to 502.5 billion won the previous year, [...]
SEOUL, Nov.9 (Korea Bizwire) – With the American ‘Black Friday’ shopping frenzy only three weeks away, the credit card industry has ramped up marketing efforts, targeting those who make direct overseas purchases. As the number of people who make overseas purchases is increasing rapidly, credit card companies have started their promotions earlier than in previous [...]
SEOUL, Oct. 20 (Korea Bizwire) – As Koreans have started to see holidays as simply a ‘day off’, sales at amusement parks and businesses related to traveling have greatly increased. KB Kookmin Card analyzed big data related to the average daily sales of travel and entertainment businesses during the Chuseok holidays (Korean Thanksgiving) and the [...]
SEOUL, March 12 (Korea Bizwire) – Commission income and asset sales boosted net profit for South Korean credit card companies in 2014, the financial watchdog said Thursday. The combined net earnings of eight credit card firms stood at 1.8 trillion won (US$1.6 billion) last year, up 5 percent from the previous year, according to the [...]
SEOUL, Aug. 2 (Korea Bizwire) – While Kakao is scheduled to offer an online credit card payment service next month, it is considering an “Uber-like” call taxi service as well. From September, Kakao, the operator of Korea’s largest mobile messenger service, will begin providing credit card online payment service in partnership with nine card companies including [...]
SEOUL, May 20 (Korea Bizwire) –Due to the massive personal information breaches that have occurred this year, major credit card companies such as KB Kookmin Card, Nonghyup Card, and Lotte Card took more than 160 million won in losses from business suspensions. But they are not out of the woods yet given they must face the [...]