[News Article] Hyundai Card's overseas usage skyrockets with Apple Pay partnership
Hyundai Card's
overseas usage skyrockets with Apple Pay partnership By
Anna J. Park, The Korea Times - Hyundai Card’s overseas usage has surged by 81
percent compared to a year ago, due mainly to the card's increased global
payment versatility with its Apple Pay partnership that began in March this
year. According
to the latest data by the Credit Finance Association, the accumulated amount of
lump-sum payments made in overseas countries by holders of cards from nine
domestic card issuers from January to October stood at 10.7 trillion won ($8.2
billion). It is a whopping 47.8 percent jump from the same period last year, as
overseas travel has fully resumed from earlier this year. While
the average double-digit growth rate across the companies is impressive, the
increase rate of Hyundai Card was particularly salient among the nine companies
— Shinhan, Samsung, KB Kookmin, Hyundai, Lotte, BC, Woori, Hana and NH
NongHyup. As
of the end of last month, the accumulated overseas lump-sum payments by
individual Hyundai Card holders amounted to 2.04 trillion won, taking the top
place among the nine card companies. This is an 81 percent increase compared to
the 1.13 trillion won marked during the same period last year. Trailing
right behind Hyundai Card's overseas usage, in terms of the year-on-year
increase rate, is Hana Card, which logged a 46 percent increase, taking the
second spot on the list. Other leading local card companies all trail behind
the two, with KB Kookmin Card at 44.4 percent, Shinhan Card at 41.3 percent and
Samsung Card at 41 percent. BC
Card, Lotte Card and Woori Card posted relatively slower growth rates of 37.1
percent, 36 percent and 31 percent, respectively. Hyundai
Card's surge in overseas usage is attributed mainly to the effects of the Apple
Pay partnership launched in March. In fact, until March this year, Hyundai
Card's cumulative overseas lump-sum payments ranked only third, following
Samsung Card and Shinhan Card. "I
knew overseas travelers would fully enjoy the convenience of Apple Pay, but I
didn't expect it would be this huge in scale," Chung Tae-young, the head
of Hyundai Card, wrote on Facebook at the end of last month. "As most
countries, including Japan and the U.S., accept Apple Pay, it has become the
advantageous strength of Hyundai Card in overseas markets." Source:
https://www.koreatimes.co.kr/www/biz/2023/11/488_364062.html
2023.11.29