KOREA NEWS Hyundai Card's overseas usage skyrockets with Apple Pay partnership

Hyundai Card’s overseas usage skyrockets with Apple Pay partnership

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A customer uses Apple Pay offered by Hyundai Card to make a payment. Courtesy of Hyundai Card

By Anna J. Park

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.”

 

 

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