BC Card to Start Issuing Point-Based Check Cards from April

Financial Services Commission Designates New Innovative Financial Services

[Asia Economy Reporter Sim Nayoung] BC Card will be able to issue point-based check cards starting next month.

The Financial Services Commission (Chairman Ko Seung-beom) designated BC Card's service, which issues check cards based on points (prepaid electronic payment means) that can be easily signed up and issued through identity verification without a financial transaction account, and allows payment within the point balance at online and offline merchants, as an innovative financial service at the regular meeting on the 30th.

The FSC stated, "To issue a check card, payment must be made by methods such as transferring to a financial transaction account, but an exception was granted to allow check card issuance using points accumulated by other methods without linking a financial transaction account."

They added, "As the usage of points expands to credit card merchants and check card issuance becomes possible without holding a financial transaction account, consumer convenience is expected to increase." This service is scheduled to launch next month.

The FSC extended the designation period from the existing one year to two years until 2023 for Shinhan Card's credit card-based remittance service using its app and BC Card's easy collection service for personal congratulatory and condolence money.

Additionally, the designation periods for previously designated innovative financial services were extended, including ▲ Skory Insurance's health promotion insurance product support platform ▲ Dunamu and PSX's unlisted stock trading platform ▲ Quarosoft and Mirae Asset Securities' mobile small-amount global stock investment platform ▲ Kakao Bank's financial technology research institute for financial-related new technology research and development.

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