Full Data Collaboration... Hyundai Card Joins Hands with VISA Headquarters
Vice Chairman Jeong Tae-young Meets Ryan McInerney, VISA CEO
Providing Data-Related Solutions... PLCC Collaboration Also Discussed
Hyundai Card is promoting data-related collaboration with overseas payment technology company Visa.
On the 26th, Hyundai Card announced that on the 21st (local time), the two companies signed a "strategic business partnership" to jointly promote data business based on their data assets and analytical technologies at Visa's headquarters in San Francisco, USA.
Accordingly, Hyundai Card plans to drive data-based digital payment innovation. First, Hyundai Card and Visa plan to showcase Hyundai Card's data analysis solutions overseas by utilizing Visa's network operating in over 200 countries worldwide. Currently, Hyundai Card has developed a solution that uses an artificial intelligence (AI) engine to analyze and process data for hyper-personalized marketing, which is provided to Hyundai Card's private label credit card (PLCC) partners.
They will also collaborate on developing new data solutions. Hyundai Card and Visa will promote the development of data products and solutions that combine their accumulated data assets and data technology capabilities.
In addition, Visa has decided to actively participate in Hyundai Card's PLCC partners' data alliance, "Domain Galaxy," by leveraging its own data and intellectual assets. The 18 PLCC partners participating in Domain Galaxy, including Costco, Starbucks, and Yanolja, have continued various collaborations based on Hyundai Card's marketing platform and data analysis solutions. Hyundai Card expects the Domain Galaxy business to grow further with the participation of Visa, which possesses vast data and world-class data analysis technology.
They will also strengthen collaboration in areas beyond data business. Hyundai Card plans to solidify its cooperative relationship by operating Visa as its top priority brand among various international brands providing overseas payment services, and will jointly pursue payment solution businesses in various fields such as virtual cards and B2B payment businesses like export-import payments promoted by Visa.
Jung Tae-young, Vice Chairman of Hyundai Card, stated, "Hyundai Card and Visa plan to introduce various data products and services based on precisely analyzed data assets and technology."
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Ryan McInerney, CEO of Visa, said, "The partnership with Hyundai Card will be a very important milestone in utilizing data analysis in payment processing," adding, "Together with Hyundai Card, we will introduce innovative solutions that contribute to individuals, businesses, and economic development."
Vice Chairman Jung Tae-young of Hyundai Card is taking a commemorative photo with Ryan McInerney, CEO of Visa, after deciding to collaborate at Visa headquarters in San Francisco, USA. (Photo by Hyundai Card)
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