[Ki Ha-young's Life Card] Bank Account Inquiry Available on Card Company Apps Starting the 31st

Card Companies to Introduce Open Banking from 31st
Shinhan, KB Kookmin, and Woori Card Enable Account Inquiry and Transfer from 31st

Is there anyone these days without at least one credit card? In modern society, anyone can have a card if they want. Credit cards have brought unparalleled convenience to daily life. Now, wherever you go, you can easily see people paying with credit cards or smartphones. As demand has increased, cards with various benefits are being released almost daily. In response, Asia Economy delivers diverse stories related to cards, which are inseparable from our consumer life, through the weekly 'Cards in Daily Life' corner, including introductions to new cards, behind-the-scenes industry stories, and guides for card beginners.

Starting at 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). This is because credit card companies will also provide 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 needing to install multiple apps.

Bank Account Inquiry Available in Credit Card Company Apps

With credit card companies starting open banking services, it is now possible to check, withdraw, and transfer accounts of other financial companies participating in open banking, such as banks, securities firms, and mutual finance companies, through the currently used credit card company apps. You can also check billing amounts from other credit card companies. For example, in the Shinhan Card app, you can check and transfer KB Kookmin Bank accounts and also check Hyundai Card billing amounts.

Additionally, in major bank apps, you can check information about the cards you own, such as monthly card billing amounts and payment account numbers.

Shinhan, KB Kookmin, and Woori Cards Enable Transfers and Remittances from the 31st

However, the order of service launch varies by card company. Shinhan, KB Kookmin, and Woori Cards will enable account and card inquiry and transfer services from the 31st through their respective apps: Shinhan PayFAN, KB Pay, and Woori WON Card. Remittance fees will also be free for the time being.

Shinhan Card’s prepaid charging method, 'Shinhan Pay Money,' within Shinhan PayFAN is expected to be rechargeable not only from Shinhan Bank but also from all banks and securities accounts starting from the end of June.

Other card companies such as Samsung, Hyundai, Lotte, Hana, and BC Card will allow inquiries from other platforms that have implemented open banking starting from the 31st, but actual services will be sequentially launched from June. Samsung Card will provide a 'card payment advance payment service' from the 31st, allowing users to pay card bills earlier than the actual payment date. However, inquiry services will be provided from the end of July, and withdrawal services from the end of September.

BC Card plans to offer bank account inquiry and remittance (when linked to Paybook Money charging accounts) within Paybook by June. Lotte Card will provide inquiry and withdrawal services by the end of June, Hyundai Card will provide inquiry services from the end of August, and Hana Card will start inquiry and withdrawal services from the end of August.

Meanwhile, from the end of July, it will be possible to check prepaid charging information of fintech companies participating in open banking through a single app. Fintech service customers will also benefit from increased convenience as they can register open banking accounts collectively without entering each account individually.

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