Shinhan Card "Now Pay Your Monthly Rent with Your Card"

Launch of Innovative Financial Service 'MyWolse'
Available to Tenants and Landlords with a 1% Fee

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 30th that it has introduced credit card payments for real estate lease transactions between individuals, launching the 'MyWolse' service that allows tenants to pay monthly rent with a card even if there is no balance in their account and settle the payment on the card payment date.

This service does not require landlords to register as business operators, and either the tenant or the landlord can choose who bears the fee. Selected as an innovative financial service by the Financial Services Commission in November last year, the fee rate is 1%.

Tenants using the MyWolse service can pay rent by card even if they lack cash or account balance at the moment, securing cash liquidity. Especially, since it uses credit limits rather than loans, it does not affect the tenant's credit rating. When deducting monthly rent, tenants can conveniently handle year-end tax adjustments by printing payment certificates from the Shinhan Card website or receiving them via email. Landlords also benefit from regular rent deposits, reducing worries about delays or non-payment and allowing stable rent income.

A Shinhan Card official said, "Although similar monthly rent card payment services have been launched before, they were not activated due to reasons such as landlords needing to register as business operators and bearing usage fees. Based on this innovation, Shinhan Card is currently applying for a domestic patent for the MyWolse process."

The usage method of MyWolse is that either the tenant or landlord applies for the service by attaching the lease contract on the Shinhan Card website, Shinhan PayFAN, or Shinhan Card application (app). After application, the service subscription is finalized through the other party's consent and Shinhan Card's review.

To commemorate the launch of the MyWolse service, Shinhan Card plans to hold various events. These include quizzes to learn about MyWolse, prize promotions, and a fee waiver event for the first 1,000 users. Details can be checked on the Shinhan Card website after the 7th of next month.

A Shinhan Card official said, "In line with the financial authorities' innovative finance promotion policy, we plan to expand the monthly rent card payment service to small business commercial rent in the second half of this year."

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