[Alpha Biz=(Chicago) Reporter Paul Lee] BC Card, which is expanding its overseas business, will also enter Central Asia in March. In particular, it is a strategy to cooperate with KT Group to advance jointly.
According to the credit card industry on the 25th, BC Card, which is promoting a global payment infrastructure construction project, plans to enter Central Asia in the first quarter of this year. BC Card's main business is card processing, which establishes a payment network, provides it to member companies, and collects fees. Most of BC Card's revenue comes from purchase work corresponding to card payment processing. BC Card's purchase business revenue totaled 2.3575 trillion won in the third quarter of last year, accounting for 81.9 percent of its total operating performance.
Unlike domestic credit card companies that push for installment financing through the acquisition of local financial firms when they enter overseas, BC Card is in the process of building a payment network (N2N) between countries in Southeast Asia.
BC Card is advancing overseas with KT Group. KT currently holds a 69.54% stake in BC Card. BC Card is a major shareholder with stakes in K-Bank (33.72%), Smartro (64.53%), and VP (50.90%), respectively.
In particular, this entry into Central Asia explains that the group's digital capabilities will be applied comprehensively. BC Card plans to upgrade its national payment system and apply various electronic payment methods such as e-money and QR payments, as well as transplant various authentication technologies such as biometric authentication and simple authentication. To connect financial infrastructure, KT will provide communication networks and SmartRo will provide franchise infrastructure strategy and operational know-how.
Alphabiz Reporter Paul Lee(hoondork@alphabiz.co.kr)
