Shinhan Card Opens 'My Wallet'... "Cards, Banking, and ID 3 Apps in One Place"

Make Payments at All Online and Offline Merchants with Your Phone, No Card Needed
Transfers and Remittances Also Available via Bank and Securities CMA Accounts

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 22nd that it will launch a digital wallet called 'My Wallet (MY Wallet)' on the 29th, which newly integrates payment, transfer/remittance, and ID verification services into a single service within the Shinhan Payfan application (app).

Until now, financial customers had to install separate apps for card company payments, bank or fintech apps for transfers/remittances, and separate apps for identity verification and mobile IDs when needed. To resolve these inconveniences, Shinhan Card is revamping Shinhan Payfan to transfer cards, cash, and IDs into a digital wallet, enabling users to handle major financial tasks within one app.

The newly added 'My Wallet' within Shinhan Payfan offers the digital cash service 'Shinhan Pay Money (prepaid electronic payment method)' and, through linkage with the touch payment service, one of Shinhan Payfan's payment services, allows payments at all online and offline affiliated stores nationwide.

Shinhan Pay Money can be recharged by linking with bank and securities accounts, and if the balance is insufficient at the time of payment, it can automatically recharge the necessary amount for the transaction. Starting in December, a service to remit money (digital cash) to bank and securities accounts will also be provided. Shinhan Pay Money is available to anyone aged 14 and older. Users can sign up with just mobile phone verification, even without Shinhan Card or other credit cards or bank accounts.

My Wallet also supports viewing the official mobile driver's license, allowing it to be used as a mobile ID. Starting with LG U+ customers, it will be gradually applied to users of other telecommunications companies. There are plans to include student IDs for youth using Shinhan Pay Money, which is expected to be useful in places where presenting a student ID is required.

To commemorate the opening of My Wallet, Shinhan Card will hold a raffle for participating customers, offering various prizes such as a 75-inch large TV, iPad, AirPods, gift certificates, and Shinhan Pay Money. Additionally, all customers who make payments or remittances using Shinhan Pay Money will receive 2,000 won in Shinhan Pay Money in a promotion running until the end of November.

Yoo Tae-hyun, Head of Digital First Division at Shinhan Card, said, "In line with the era of open platforms, starting with My Wallet, we will provide more inclusive and innovative comprehensive financial services that meet the demands of the market and customers."

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