Visa, the world’s most reputable leader in digital payments, and Hyundai Card, a well-known credit card provider in Korea, have established a strategic business alliance to explore new opportunities for collaboration in the creation of insights and value from payments data.
On June 21 (local time), the relationship was officially signed at Visa’s corporate offices in San Francisco, California. Ted (Tae-young) Chung, vice chairman and CEO of Hyundai Card, and Ryan McInerney, CEO of Visa, were in attendance as executive representatives from both businesses.
Ted Chung, vice chairman and CEO of Hyundai Card, said, “We look forward to working with Visa and integrating both organizations’ expertise to provide advanced solutions that satisfy the demands of our partners and customers. We envision a future where our data-driven technologies will transform how people and businesses interact with financial services, in addition to enhancing our data capabilities.”
The two businesses will work together to build cutting-edge data products and solutions by utilizing resources and experience connected to data science. Hyundai Card will use Visa’s global network, which covers more than 200 countries and territories, to offer its cutting-edge data analytics platform globally. The companies that Hyundai Card’s PLCC (Private Label Credit Card) partner companies work with today receive its hyper-customized marketing solution, which is powered by AI.
“We are utilizing data analytics to develop cutting-edge payment experiences, and our cooperation with Hyundai Card marks an exciting milestone in this process.” According to Ryan McInerney, CEO of Visa, “Visa and Hyundai Card are deeply aligned in our strategies on responsible data usage and value-creating data innovation to answer changing consumer preferences and expectations. We are excited to collaborate with Hyundai Card to develop cutting-edge solutions that promote the growth of people, companies, and economies.”
As part of the cooperation, Visa will also provide its vast data assets and capabilities to help Hyundai Card’s “Domain Galaxy” data alliance group and platform flourish. The agreement gives PLCC partners access to Hyundai Card’s marketing platform and data analytics solutions. The coalition is made up of 18 key industry participants, including Costco, Starbucks, and Yanolja.
In addition to data analytics, Hyundai Card will support Visa’s numerous initiatives, including virtual cards and B2B payments, and highlight Visa as the company’s preferred global payment brand.
The comparable beliefs and strategies of the two organizations regarding the use of data for advancements in digital payments served as the foundation for the relationship between Hyundai Card and Visa. The two businesses will work together going ahead to innovate and pursue fresh business chances for business expansion into markets outside of South Korea.