Visa, the world’s trusted leader in digital payments, and Hyundai Card, a leading credit card company in Korea, announced a strategic business partnership to pursue potential collaboration opportunities in the development of insights and value from payments data.
The partnership signing ceremony was held at Visa’s headquarters in San Francisco, U.S., on June 21 (local time). Executive representatives of both companies, including Ted (Tae-young) Chung, Vice Chairman and CEO of Hyundai Card, and Ryan McInerney, CEO of Visa, attended the event.
“We look forward to working with Visa and combining both companies’ expertise to providing advanced solutions that meet the needs of our partners and customers,” said Ted Chung, Vice Chairman and CEO of Hyundai Card. “In addition to 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 companies will leverage data science related resources and expertise to jointly develop innovative data products and solutions. Hyundai Card will offer its innovative data analytics platform globally by leveraging Visa’s global network that spans over 200 countries and territories around the world. Its hyper-customised, marketing solution is supported by AI, and is currently provided to Hyundai Card’s PLCC (Private Label Credit Card) partner companies.
“Our partnership with Hyundai Card marks an exciting milestone where we are leveraging data analytics to drive innovative payments experiences. Visa and Hyundai Card are deeply aligned in our strategies on responsible data use and value-creating data innovation to address evolving consumer preferences and expectations,” said Ryan McInerney, CEO, Visa. “We look forward to working with Hyundai Card to be at the forefront of innovative solutions that help individuals, businesses, and economies thrive.”
The partnership will also see Visa lending its extensive data assets and capabilities to support the growth of Hyundai Card’s data alliance group and platform, “Domain Galaxy”. The alliance, comprising 18 major industry players including Costco, Starbucks, Yanolja, provides PLCC partners with access to Hyundai Card’s marketing platform and data analytics solutions.
Beyond data analytics, Hyundai Card will also feature Visa as the company’s preferred global payment brand and support Visa’s diverse initiatives, including virtual cards and B2B payments.
The partnership between Hyundai Card and Visa was founded on the two companies’ complementary philosophies and strategies of utilising data for digital payment innovations. Moving forward, the two companies will collaborate to innovate and pursue new business opportunities for business expansion to international markets outside of South Korea.
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