SettleBank Signs Business Agreement with Samsung Card to Expand Virtual Card Number Solution

[Asia Economy Reporter Hyunseok Yoo] Techfin company SettleBank announced on the 18th that it held a business partnership agreement ceremony with Samsung Card to expand the virtual card number solution and launch co-branded cards. The ceremony was attended by key officials from both companies, including SettleBank CEO Choi Jongwon and Samsung Card Head Yang Deokyeol.

SettleBank has signed a business partnership with Samsung Card to strengthen cooperation in expanding the supply of the Virtual Card Number (VCN) solution. The virtual card number service is a service that generates a virtual card number instead of the actual card number for online shopping or mobile payments, allowing secure transactions.

By using virtual card numbers, there is no need to expose the actual card number, enabling safe payments even when using overseas online shopping malls. Card customers can directly set usage frequency, limits, and validity periods, which is a key feature offering enhanced security.

Additionally, through this business agreement, both companies plan to launch customized co-branded products for customers using SettleBank’s affiliated merchants through mutual cooperation. This is the first time SettleBank is launching a co-branded credit card product.

Choi Jongwon, CEO of SettleBank, said, “Following the launch of the simple payment platform 010PAY and check cards last year, we are diversifying payment methods further through the launch of this co-branded credit card. We will strive for business synergy between the two companies and financial innovation through business collaboration with Samsung Card.”

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