Card Firms Look for New Business Opportunities as Main Business Faces Threats | Be Korea-savvy

Card Firms Look for New Business Opportunities as Main Business Faces Threats

(image: Korea Bizwire)

(image: Korea Bizwire)

SEOUL, April 22 (Korea Bizwire)South Korea’s credit card companies are actively looking for new business opportunities as their main business area is being eroded by so-called ‘big tech’ and ‘fintech’ companies.

Shinhan Card Co. launched a drive to develop a visiting car repair service platform in collaboration with integrated car management service provider Master Motors.

Under this platform, drivers don’t have to make a visit to auto repair shops. Instead, technicians pay visits to their cars.

Samsung Card Co. teamed up with live commerce platform operator Bogo Play to launch joint marketing activities.

Card firms, which hold a vast amount of credit card payment-related information, are also looking for new opportunities in the data business such as big data-based analysis of marketing data and the evaluation of the credit of small businesses and people with low credit scores.

Taking it one step further from simply providing marketing data to businesses, Samsung Card recently unveiled a platform in which its affiliated businesses can perform big data marketing for themselves.

Last year, KB Kookmin Card Co. and BC Card Co. released a string of credit evaluation services for privately-owned individual businesses on the basis of their payment data.

Ashley Song (

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