Samsung Card to Launch 'Non-face-to-face Real-name Verification Agency Service' Next Month... "Industry First"

Starting Next Month... Account Opening Available via App

[Asia Economy Reporter Ki Ha-young] Samsung Card will launch a 'non-face-to-face real-name verification agency service' as early as next month. It is the first in the card industry. Once non-face-to-face real-name verification agency becomes possible, account opening and other services will be available through the Samsung Card application (app) in partnership with other financial companies. This move is a proactive response to the increasing issuance of non-face-to-face accounts and the frequent partnerships among financial companies.

According to the card industry on the 10th, Samsung Card reported the non-face-to-face real-name verification agency service as an ancillary business to the Financial Supervisory Service last month. Once the Financial Supervisory Service completes its review, starting from the 1st of next month, Samsung Card will be able to use its non-face-to-face real-name verification system to handle real-name verification tasks for customers using non-face-to-face channels of other financial companies.

This service allows Samsung Card members to open accounts and complete real-name verification through the Samsung Card app without having to visit financial institutions in person or install apps from financial partners. A Samsung Card official stated, "Upon requests from financial companies, we plan to provide services such as ID authenticity verification and account confirmation through the already established non-face-to-face real-name verification system."

Non-face-to-face real-name verification is already being used in mobile financial transactions in accordance with the Financial Real Name Act and related guidelines, mainly by financial companies and fintech firms. Toss and KakaoBank are respectively partnering with Shinhan Financial Investment and Korea Investment & Securities to handle non-face-to-face real-name verification during account opening. KB Kookmin Bank also handles identity verification services for customers using non-face-to-face channels of its affiliates, and NH Nonghyup Insurance provides identity verification services as well.

Samsung Card has been operating a non-face-to-face real-name verification system since 2018. This was established alongside the creation of a 'digital one-stop card issuance system' that conducts real-time online screening and card issuance. If non-face-to-face identity verification is completed through account authentication without a call with a counselor for identity confirmation, card issuance is possible within five minutes.

The non-face-to-face real-name verification agency service is a growing business opportunity due to the increase in non-face-to-face account issuance and expansion of partnerships among financial companies. In fact, since the Financial Services Commission changed its interpretation in 2015 to allow non-face-to-face account opening starting with banks, the issuance of non-face-to-face accounts has increased. Especially with the impact of the novel coronavirus disease (COVID-19), the non-face-to-face economy has been activated, leading to a surge in non-face-to-face account issuance.

A company official said, "We plan to expand partnerships with financial institutions through the non-face-to-face real-name verification service in the future," but added, "No specific financial institutions have been finalized for partnership yet."

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