Visa Korea "From Card Companies to Fintech Firms... Strengthening Big Data Consulting" (Comprehensive)

Scheduled Launch of P2P Overseas Remittance Service in the First Half of This Year

[Asia Economy Reporter Ki Ha-young] Global payment network company Visa is expanding its consulting services utilizing big data in line with the acceleration of digital finance this year.

At a press conference held on the 13th at The Plaza Hotel in Jung-gu, Seoul, President Patrick Yoon said, "Visa's consulting service will provide solutions to markets urgently needing strategic big data utilization," adding, "We will do our best to make this year one in which various domestic partners can secure new competitiveness."

President Yoon emphasized, "With the passage of the 'Data 3 Act,' the full-fledged 'MyData' industry has become possible, and data utilization has become much more important," and added, "Based on our unparalleled capabilities in payment data analysis, we will expand consulting services not only to card companies but also to fintech firms, internet banks, and online merchants."

Visa Korea plans to go beyond simply providing data analysis solutions by building customized data analysis models together with partners, aiming for mutual growth in the rapidly changing digital era. Specifically, it will strengthen partners' existing business capabilities such as credit evaluation and debt management, and support big data-based hyper-personalized marketing.

Visa processes more than 65,000 transaction data points per second through VisaNet, where accumulated information is analyzed and refined more precisely. To this end, Visa operates a separate Visa Consulting and Analytics (VCA) team composed of about 500 data analysis experts and consultants. Consulting services are currently provided in 11 countries across the Asia-Pacific region, including Korea. Domestic specialized personnel have also been steadily recruited since last year.

President Yoon said, "Korea is the country with the highest volume of electronic transactions worldwide," and added, "We believe more cooperative models must emerge to revitalize the card and payment industries, so Visa will pursue more collaborations."

Visa Korea plans to introduce new products and services this year based on collaboration with domestic fintech companies. First, it will launch the overseas mobile payment service capable of offline payments, initially introduced last year with Hana Card, with various partners. Additionally, Visa's P2P overseas remittance service, Visa Direct, will be introduced for the first time in the first half of this year.

The 'Visa Innovation Station,' established since last year for closer collaboration with domestic fintech companies, is also in its final preparation stages. Through this, Visa plans to develop it into a practical business innovation platform by leveraging customer-based experiences and Visa's latest solutions.

President Yoon said, "A year ago, Korea had not joined the global trend of open banking, but now, after one year, open banking is more active here than in any other country," adding, "If the MyData industry is activated, Korea's big data utilization cases may be known overseas as successful examples first."

This content was produced with the assistance of AI translation services.