Overseas remittance fintech firms partner with BC Card
The headquarters of BC Card in central Seoul / Courtesy of BC Card
With over 2.36 million foreign nationals residing in Korea, BC Card has been satisfying the needs of fintech firms specializing in overseas remittance businesses.
BC Card’s convenient payment infrastructure meets the demands of these startups, which aim to apply a “lock-in strategy” to tie their customers to their own payment services.
When these overseas remittance startups partner with BC Card, the card company enables the fintech firms to issue “prepaid electronic payment cards.”
This allows the fintech firms to easily and efficiently provide offline payment services to their customers, as it alleviates the significant financial burden on fintech companies to establish their own offline payment infrastructure and networks.
In fact, domestic startups focusing on overseas remittance businesses, such as Hanpass and Gmoneytrans, as well as major fintech companies like Naver Pay and KG Mobilians, are collaborating with BC Card to issue physical cards to their customers.
Logo of BC Card in Korean
BC Card has the largest card issuance infrastructure in Korea, capable of issuing more than 30 million cards annually. The card company provides comprehensive services, ranging from customized card plate production to delivery of physical cards to customers.
Another advantage offered by the card firm is that its business clients can efficiently build the infrastructure necessary for the card payment service just by relying on BC Card’s open API and its largest network of 3.45 million merchants nationwide.
Furthermore, clients can utilize BC Card’s QR code technology to offer their own QR payment services.
BC Card was the first in the industry to launch QR code payment services in 2018, following the EMV QR code specifications, which are globally accepted standards.
“About 31 percent of BC Card’s recent business clients are fintech firms. As the largest payment processing company in Korea, BC Card hopes to play a pivotal role in fostering the growth of K-fintech beyond traditional finance,” a company official said.
