Amid Growing ESG Management Trend... Competition in Launching Eco-Friendly Cards

Samsung Card to Launch Electric Vehicle Specialized Card in the Second Half of This Year

[Asia Economy Reporter Ki Ha-young] As ESG (Environmental, Social, and Governance) management strengthens, credit card companies are continuously launching eco-friendly specialized products. These take the form of electric vehicle (EV) exclusive cards or benefits focused on eco-friendly activities such as point accumulation.

According to the industry on the 9th, Samsung Card plans to launch an EV-specialized card in the second half of this year. This is part of ESG management to strengthen eco-friendly automobile financial services. Currently under product development, the service will be designed mainly around benefits such as discounts on EV charging.

Last year, the scale of eco-friendly automobile products provided by Samsung Card through its automobile finance platform and lease/rental services surged. The product scale growth rate compared to the previous year was 101.8%, and the increase rate of users was about 52.9%.

As ESG management has become a hot topic across the financial sector, credit card companies are competing to release eco-friendly specialized cards. KB Kookmin Card introduced the ESG-specialized product "KB Kookmin Green Wave 1.5℃ Card" in May. It offers point accumulation benefits for eco-friendly consumption such as charging at electric and hydrogen vehicle stations and purchasing upcycled products, and accumulated points can be donated to eco-friendly public interest projects.

Woori Card also launched the "Card's Jeongseok Earth (US)" at the end of last year, specialized for eco-friendly consumption such as EV and hydrogen vehicle charging, public transportation, and shared mobility. Hyundai Card released the "Hyundai EV Card," an EV-exclusive card, in partnership with Hyundai Motor Company, embedding EV charging benefits in its product services.

Shinhan Card was the first in the industry to introduce the EV-specialized card "Shinhan Card EV" in 2017, and in October 2019, it launched the eco-friendly card "Deep Eco." Deep Eco provides cashback for eco-friendly consumption such as EV charging and shared mobility, and 0.1% of the payment amount can be donated to Seoul Green Trust’s tree planting projects.

An industry official said, "As ESG management for sustainable development is emphasized worldwide, credit card companies are also releasing related products."

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