26 June 2023
Discover how these global leaders aim to transform the financial services landscape and create advanced experiences for individuals and businesses worldwide.
In a groundbreaking move, Visa, the world’s trusted leader in digital payments, and Hyundai Card, a leading credit card company in Korea, have joined forces in a strategic business partnership. The collaboration aims to unlock the immense potential of payments data and pave the way for transformative insights and value creation.
The partnership signing ceremony took place at Visa’s headquarters in San Francisco on June 21, with esteemed executives from both companies in attendance. Notable attendees included Ted (Tae-young) Chung, Vice Chairman and CEO of Hyundai Card, and Ryan McInerney, CEO of Visa.
Hyundai Card’s CEO, Ted Chung, expressed excitement about the collaboration, stating, “We look forward to working with Visa and combining both companies’ expertise to provide advanced solutions that meet the needs of our partners and customers. By bolstering our data capabilities, we envision a future where our data-driven technologies will transform the way individuals and businesses interact with financial services.”
The two industry giants plan to leverage their respective data science resources and expertise to jointly develop innovative data products and solutions. Hyundai Card aims to extend its cutting-edge data analytics platform globally, utilizing Visa’s extensive network spanning over 200 countries and territories worldwide. The platform, powered by AI and known for its hyper-customized marketing solution, is currently offered to Hyundai Card’s Private Label Credit Card (PLCC) partner companies.
Ryan McInerney, CEO of Visa, emphasized the significance of the partnership, stating, “Our collaboration with Hyundai Card marks an exciting milestone where we leverage data analytics to drive innovative payment experiences. We share a deep alignment in our strategies on responsible data use and value-creating data innovation to address evolving consumer preferences and expectations. Together with Hyundai Card, we aim to be at the forefront of innovative solutions that help individuals, businesses, and economies thrive.”
In addition to data analytics, Visa will contribute its vast data assets and capabilities to support the growth of Hyundai Card’s data alliance group and platform, “Domain Galaxy.” This alliance, consisting of 18 major industry players such as Costco, Starbucks, and Yanolja, grants PLCC partners access to Hyundai Card’s marketing platform and data analytics solutions.
As part of the partnership, Hyundai Card will feature Visa as its preferred global payment brand and actively support Visa’s diverse initiatives, including virtual cards and B2B payments.
The Hyundai Card-Visa partnership is rooted in their shared philosophies and strategies of leveraging data for digital payment innovations. Going forward, the two companies will collaborate to drive innovation and pursue new business opportunities for expansion into international markets beyond South Korea.
