‘Cardless credit card’ launched in Korea
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Financial services business BC Card is set to launch Korea’s first mobile credit card service that does not involve the use of a real plastic card.
BC Card has conducted a series of pre-launch tests for its new ‘cardless credit card’ over four days, and concluded that there weren’t any problems in terms of subscription, registration, issue, payment, payment and membership cancelation.
BC Card provides third party payment processing services to Korean banks and a rnage of debit and credit card products.
Following the Financial Services Commission’s recent decision to lift a regulation that obliged companies to release actual plastic cards when they launched mobile services, BC Card will be first company to launch a mobile-only credit card in Korea.
The company is planning to launch various types of mobile credit cards, using USIM, eSE (embedded SE), HCE (Host Card Emulation) and NFC (Near field communication) technology.
BC Card’s mobile-only credit card will be accepted at large retailers, department stores, convenience stores and gas stations.
A BC Card official said that the company would be able to save costs associated with issuing plastic cards, and invest more money to provide benefits for its customers.
Questions & Answers
Q.What prompted BC Card to introduce a mobile-only credit card service?
What prompted BC Card to introduce a mobile-only credit card service?
The Financial Services Commission recently lifted a regulation that previously required companies to issue physical plastic cards when launching mobile payment services. This change allowed BC Card to proceed with its cardless offering.
Q.Where will customers be able to use BC Card’s new mobile-only credit card?
Where will customers be able to use BC Card’s new mobile-only credit card?
The new mobile-only credit card will be accepted in a variety of retail locations across Korea. These include large retailers, department stores, convenience stores, and gas stations.
Q.What technologies will BC Card utilise for its new mobile credit card services?
What technologies will BC Card utilise for its new mobile credit card services?
BC Card plans to launch various types of mobile credit cards, employing several technologies. These include USIM, eSE (embedded Secure Element), HCE (Host Card Emulation), and NFC (Near Field Communication).
Q.How will BC Card benefit from not issuing physical plastic cards?
How will BC Card benefit from not issuing physical plastic cards?
The company expects to save costs associated with the production and distribution of plastic cards. These savings will then be reinvested into providing enhanced benefits for its customers.
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