Hyundai Card Launches Starbucks PLCC... "First in Korea"

Scheduled for release in the second half of this year
Benefits and services focused on Starbucks will be included

Song Hoseop, CEO of Starbucks Coffee Korea (left), and Chung Tae-young, Vice Chairman of Hyundai Card (right), are having a coffee and chatting together at Starbucks The Jongno R branch located in Jongno, Seoul on the 15th.

[Asia Economy Reporter Ki Ha-young] In the second half of this year, the first-ever coffee brand-exclusive credit card in Korea will be launched.

On the 16th, Hyundai Card announced that Song Ho-seop, CEO of Starbucks Coffee Korea, and Chung Tae-young, Vice Chairman of Hyundai Card, signed a private label credit card (PLCC) partnership agreement at Starbucks The Jongno R branch located in Jongno, Seoul.

Starbucks and Hyundai Card will jointly design and launch a Starbucks-exclusive credit card, with Hyundai Card supporting card operations and marketing.

PLCC is a card operated jointly by a company that wants to have an exclusive credit card and a specialized card company. It is characterized by providing card benefits and services focused on the respective company.

Since Starbucks entered the Korean market in 1999, it has never launched a PLCC or a general co-branded credit card. A Hyundai Card official explained, "Starbucks choosing Hyundai Card as the partner for its first own-brand card seems to be due to the high evaluation of Hyundai Card’s accumulated brand power and capabilities developed while pioneering the PLCC business."

Starting with this partnership agreement, Starbucks and Hyundai Card plan to incorporate benefits and services focused on Starbucks into the PLCC product. In particular, the two companies plan to prepare product concepts and marketing strategies that maximize the meaning of "the card that first contains Starbucks Stars."

A Hyundai Card official said, "The two companies will accelerate the development of customer-tailored services based on data science along with the operation of the PLCC product."

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