Hyundai Card Signs Partnership Agreement with Naver: "Naver Card Coming Soon"

'Launch of Specialized PLCC for Naver Plus Membership Scheduled'

[Asia Economy Reporter Ki Ha-young] Hyundai Card is partnering with Naver to develop a Naver-exclusive credit card.

On the 1st, Hyundai Card held a signing ceremony with Naver at Hyundai Card Understage in Yongsan-gu, Seoul, and announced on the 3rd that they had signed a partnership agreement for the launch, operation, and marketing of a 'Naver-exclusive credit card (PLCC) product.' Hyundai Card Vice Chairman Jung Tae-young and Naver CEO Han Seong-suk attended the ceremony in person.

A private label credit card (PLCC) is a credit card developed through a comprehensive partnership between a credit card company and a partner company, jointly managing the entire process from planning, branding, operation, to marketing.

Through this agreement, Hyundai Card plans to launch a PLCC specialized for 'Naver Plus Membership' together with Naver. Naver Plus Membership is a subscription service that offers users who pay 3,900 KRW per month (annual subscription basis) a 5% reward when paying with Naver Pay. It has grown rapidly, reaching about 2.5 million members within six months of its launch.

With this PLCC partnership agreement, both companies expect to create synergy across various fields by combining their technological capabilities. As a leading domestic big tech company, Naver is expanding beyond its traditional portal services into content and entertainment sectors such as webtoons, music, and video. By having its own exclusive credit card, Naver is expected to actively expand its customer base across various areas, including Naver Plus Membership.

Hyundai Card, which possesses outstanding AI-based data science technology in the financial industry, will also demonstrate its capabilities as Korea’s top fintech company through this collaboration with Naver. Additionally, Hyundai Card plans to expand collaborations based on branding and data, which it has been utilizing with other PLCC partners. Hyundai Card leads the domestic PLCC market by combining branding expertise and data science technology accumulated through partnerships with companies in various sectors such as E-Mart, Costco, Starbucks, and Baedal Minjok.

Han Seong-suk, CEO of Naver, said, "The exclusive card born from collaboration with Hyundai Card, which excels in data science and branding capabilities, will provide various services as well as emotional benefits that resonate with users of Naver Plus Membership." She added, "We hope this will also lead to growth for small businesses and creators active on Naver."

Hyundai Card Vice Chairman Jung Tae-young said, "Naver, Korea’s top digital platform company, has joined hands with Hyundai Card, which leads Korea’s fintech industry based on data science and branding capabilities." He added, "We will create strong synergy effects across various fields based on the rapidly growing Naver Plus Membership."

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