From the 31st, Card Companies Open Banking... "Check Bank Accounts on Card Company Apps" (Comprehensive)

The order of service launch varies by card company
Sequential rollout of account inquiry, transfers, and checking charges from other cards

[Asia Economy Reporter Ki Ha-young] From the end of this month, it will be possible to check and transfer accounts from other banks and securities companies through credit card company applications (apps).

According to the industry on the 28th, credit card companies will start open banking services from the 31st. Open banking is a service that allows customers to check and transfer all financial accounts through a single app without the need to install multiple apps.

Accordingly, it will be possible to check, withdraw, and transfer accounts of other financial companies participating in open banking, such as banks, securities companies, and mutual finance, through the currently used credit card company apps, and also check billing amounts from other credit card companies. For example, it will be possible to check and transfer KB Kookmin Bank accounts and even check Hyundai Card billing amounts through the Shinhan Card app.

However, the order of service launch is expected to vary by credit card company. Shinhan, KB Kookmin, and Woori Cards will enable account inquiry and transfer services for other cards and accounts through Shinhan PayFAN, KB Pay, and Woori WON Card apps respectively from the 31st. Transfer fees will also be free for the time being. Other credit card companies such as Samsung, Hyundai, Lotte, Hana, and BC Card will allow inquiries on other platforms that have already implemented open banking from the 31st, but actual services will be sequentially launched starting in June.

Shinhan Card and KB Kookmin Card have proactively sought to secure customers through events as customer mobility expands with the implementation of open banking. KB Kookmin Card offers a 100% giveaway of Starbucks Americano (limited to the first 100,000 people) to KB Kookmin Card members who pre-register for open banking by the 30th. Additionally, through a prize draw, gold bars and Pointree points will be provided. Shinhan Card also gives Starbucks Americano coupons to customers who pre-register for the open banking service by the 28th.

Credit card companies plan to accelerate the development of future growth engines such as MyData and MyPayment services based on open banking. An industry official said, "Open banking is a foundational service and the first step for promoting new businesses such as MyData, MyPayment, and comprehensive payment services," adding, "Rather than open banking itself, those who secure customers through differentiated services linked with open banking in the future will gain competitiveness in the battle for future growth."

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