Shinhan Card Relaunches 'Shinhan Payfan'

Combining All Financial Institutions' Deposit and Withdrawal Records
Innovative Financial Services Connecting to Global Platforms

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 18th that it has completely revamped Shinhan Payfan to comprehensively manage customers' consumption through a single application (app).

Shinhan Payfan is a leading platform in the domestic financial sector, with 12 million registered customers, nearly 1 million daily active users (DAU), and a monthly transaction amount exceeding 900 billion KRW.

The biggest feature of this revamp is support for 'total consumption management.' It analyzes spending details through automated algorithms covering deposits and withdrawals from all bank accounts including savings banks, securities transaction histories, and usage details from all card companies, and provides a visualized consumption report.

Additionally, customer service (CS) and personalized benefits have been enhanced. Convenience has been improved for frequently used services such as statement and payment history inquiries, limit management, and point inquiry/use, and one-stop service is enabled through connections with all apps within Shinhan Card. Furthermore, benefits needed by customers, such as limit increases and conversion from lump-sum to installment payments, are naturally exposed, and the platform’s role as a marketing hub has been expanded by providing personalized benefits through timelines and more. With the launch of Chatbot 2.0 and enhanced search services, it is now capable of handling over 90% of customer service requests.

The convenience of using innovative financial services and global platforms has also been increased. To activate the use of Shinhan Card’s innovative services provided on Shinhan Payfan, such as micro-investment, My Remittance, and the monthly rent card payment service scheduled to launch at the end of June, as well as global corporate services like Amazon and PayPal, the structure has been changed to be simpler and easier to use, and the design and UX/UI have been newly implemented to allow customers to receive necessary information at once.

Yoo Tae-hyun, Head of the Digital First Division at Shinhan Card, said, "In an era of change such as MyData and MyPayment, we will strive to evolve Shinhan Payfan from the number one payment platform into a comprehensive lifestyle finance platform."

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