Costco Korea's partnership with Hyundai Card to shift card industryindustry
- 5 years ago
Costco Wholesale Korea made a switch from Samsung Card to Hyundai Card …as its credit card partner as of last Friday,… a new partnership that's expected to bring major changes to the local card industry.
Under the wholesaler's single-network credit card policy, more than a million local members can now only pay with a Hyundai credit card or cash at the 16 Costco outlets across the nation.
According to the Financial Supervisory Service, Costco's sales reached three-point-three billion U.S. dollars last year, ...and 70 percent of customers' payments are made using credit cards.
The ten-year deal is expected to serve as a catalyst for Hyundai Card to gain a higher market share, …possibly helping the fourth-largest card firm overtake Samsung Card in third place.
Under the wholesaler's single-network credit card policy, more than a million local members can now only pay with a Hyundai credit card or cash at the 16 Costco outlets across the nation.
According to the Financial Supervisory Service, Costco's sales reached three-point-three billion U.S. dollars last year, ...and 70 percent of customers' payments are made using credit cards.
The ten-year deal is expected to serve as a catalyst for Hyundai Card to gain a higher market share, …possibly helping the fourth-largest card firm overtake Samsung Card in third place.