Shinhan Card's 'Merchant Payment Quick Disbursement Service' Selected as the 8th Innovative Financial Service... "Industry's Most"

One More Innovation Financial Service Designated This Year
Industry's Highest Total of 8 Selected

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 23rd that its 'Merchant Payment Fast-Track Service,' which allows small merchants to receive card sales proceeds within one day, has been selected as an innovative financial service by the Financial Services Commission.

The Merchant Payment Fast-Track Service is a small merchant-friendly service that reduces the commission burden on small merchants and shortens the existing card sales settlement period (2-3 business days) to 1 business day, paying card sales proceeds as points the next day after payment.

When merchants use this service, no merchant commission is charged on the payment amount, and the proceeds are paid as points within one day. The received points can be used like cash for purchases with any Shinhan Card held by the merchant, not just a dedicated card, and cash withdrawal is also possible. However, normal merchant commissions are deducted when withdrawing cash.

Shinhan Card plans to promote differentiated services and rapid business launches for small merchants struggling due to the novel coronavirus infection (COVID-19).

With the selection of the Merchant Payment Fast-Track Service in this year's final innovative financial service review, Shinhan Card has maintained its innovation finance lead by completing the launch of 6 out of 8 cumulative selected services.

The merchant credit evaluation (CB) business 'MyCredit' service has completed service provision contracts with nine financial institutions and government agencies to date. The 'MyRemittance' service, which allows remittance via card payment without cash, has surpassed a cumulative remittance amount of 35 billion KRW, a daily average remittance of 1 billion KRW, and 280,000 subscribers. The 'MyRent' service, which enables monthly rent payments by card, has exceeded a cumulative contract amount of 2 billion KRW and expanded its base by adding commercial rent payments last August and signing a partnership agreement with Zigbang, the number one real estate platform. Additionally, the 'MyInvestment' service, operated jointly with Shinhan Investment Corp., which invests spare change or fixed amounts when using cards, has surpassed 240,000 subscribers and 6 billion KRW in subscription amounts, continuously expanding products such as domestic funds and overseas stocks.

A Shinhan Card official said, "In line with the Financial Authorities' innovative financial service promotion purpose, Shinhan Card is leading financial innovation based on the financial capabilities and know-how accumulated so far," adding, "We will continue our efforts to evolve beyond being the number one in innovative finance to becoming 'world-class,' linked with Shinhan Financial Group's 'Shinhan N.E.O Project' strategy."

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