Credit card company ‘Pay War’ accelerates Apple Pay rollout throughout the year

All sapay services are released one after the other… All efforts to secure customers
KB · Shinhan · Hana Card to unveil ‘Open Charge’ in advance this month

Photo = Newsis

The ‘salary war’ of credit card companies is in full swing. This is because the simple payments market has emerged as a blue ocean as profitability continues to decline. At the end of this year, it is worth noting whether the release of ‘Open Pay’ by domestic companies, which has been slow due to the news of the pilot operation of ‘Apple Pay’, will speed up.

According to the card industry on the 2nd, the domestic simple payment usage amounted to 221 trillion won last year. It accounts for about 20% of the domestic private payments scale (1,000 trillion won).

Consumer indicators also continued to show signs of recovery, with total card approvals recording 285.5 trillion won in the third quarter. The figure increased by 15.1% compared to the same period last year, and the quarterly rate of return has continued to rise this year. That’s why credit card companies, whose profitability has worsened due to a drop in merchant fees, are targeting the simple payments market.

In fact, Hana Card held a QR payment activation event for ‘One Q Pay’ and Nonghyup NH Card also renewed ‘NH Pay’ and held an event for new subscribers. We focus on ensuring.

Here, Apple Pay is due to be implemented as a pilot at the end of this month. According to the terms and conditions of Apple Pay last month, the intention was to start a pilot operation in coffee franchise stores such as Starbucks, Costco stores, convenience stores, and major credit card merchants with NFC terminals, such as E-Mart.

In response to this, domestic credit card companies appear to be hastily preparing for open charge, which has been slow.

Open Pay is a system that allows card companies to use cards from other card companies with a single app to check out the easy payment systems of Big Tech, Samsung and Apple.

The card industry plans to pre-open the service in the middle of this month, starting with KB Kookmin Card, Shinhan Card, and Hana Card, which have completed building the current system among the seven companies that participated in Open Pay . Currently, KB Kookmin Card and Hana Card have completed computer work and final testing, and Shinhan Card is said to be in the process of final testing.

An official from the card industry said, “The Credit Finance Association is preparing the exact date and data for the launch of the open charge service.

However, as the big companies Samsung Card and Hyundai Card did not participate in Open Pay, the ‘half price’ tag continues to follow. So far, each company’s system build situation has been different, so the release has been delayed, raising questions about whether the service will be effective.

On the other hand, OpenPay is already registered as a trademark in Saramin, a company specializing in recruitment, so it took its first step under the name ‘App Card Interworking Service’. The name of the service will be changed to a new name soon.


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