BC Card Signs MOU with Seven PG and VAN Companies, First in Financial Sector
Combining BC Card Payment Data with Purchase Item Data of Sub-Merchants from PG and VAN Companies
[Asia Economy Reporter Ki Ha-young] BC Card is forming a 'data alliance' with seven electronic payment gateway operators (PG) and value-added network operators (VAN), marking the first such collaboration in the financial sector.
On the 3rd, BC Card announced that it signed a memorandum of understanding (MOU) to jointly promote business with PG and VAN companies. The alliance includes three PG companies?KG Inicis, Danal, and SettleBank?and four VAN companies?NICE Information & Telecommunication, KICC, KSNET, and Smartro?with plans to continuously expand participating companies.
In this alliance, BC Card will provide the largest-scale card payment data in Korea, while the seven participating companies will provide purchase item data from their respective affiliated merchants. Each dataset will be pseudonymized and processed through a specialized data integration institution for exchange and combination.
BC Card expects that the combined data will serve as a foundation to innovate consumer benefits across various industries. Through refined big data, customer-friendly products and services will be launched, directly contributing to the enhancement of consumer welfare.
Going forward, each company plans to not only exchange and combine data but also jointly explore new business areas based on MyData, and continuously cooperate to advance big data technology and industry sophistication.
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Im Se-hyun, head of BC Card's Big Data Center, said, "Eight leading payment-specialized companies representing Korea have united with the goal of innovating consumer benefits," adding, "BC Card will continue to lead consumer benefit innovation with differentiated big data and technological capabilities through collaboration with each participating company."
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