KT, BC Card reveal ‘Clip’ service

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KT, BC Card reveal ‘Clip’ service

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Nam Gyu-taek, an executive at KT in charge of marketing, left, and Suh Joon-hee, CEO of BC Card Korea, adjust the Clip logo during a ceremony held in Gwanghwamun, downtown Seoul, on Tuesday. [NEWSIS]

KT and BC Card have unveiled a mobile wallet service, Clip, which alerts users to the discounts and rewards they are entitled to with their credit and debit cards.

Clip stores information related to the reward programs of more than 2,500 different credit and debit cards, and is capable of sending out automatic alerts for over 110,000 affiliated stores across the country, KT said Tuesday.

Stores include coffeehouse chains, major convenience stores and movie theaters, from Starbucks and GS25 to CJ CGV.

Based on the service user’s locations determined by the Wi-Fi, Clip recommends which credit or debit card will give the user the biggest discounts or perks. KT expects to draw 10 million users by the end of the year.

“BC Card has a lot of information about affiliated stores, while KT has the technological capacity with its Wi-Fi and GPS technologies,” Yoon Hye-jung, a senior executive at KT, told reporters at a press conference on Tuesday. “We expect great synergy between the two.”

BC Card is a unit of KT, the country’s biggest fixed-line telecom operator, which holds a nearly 70 percent stake in the credit card company.

KT and BC Card also plan to add payment features to the Clip service, which will be linked with the alert system, enabling the user to check
discounts and prices before making
a purchase directly from their
smartphone.

KT said Clip will also provide benefits to Chinese tourists and plans to offer services tailored for users of BC Cards, China UnionPay and China Mobile.

“Clip brings together all different types of membership benefits and coupon discounts into one place and maximizes their benefits ... when users make payments,” said Nam Gyu-taek, an executive in charge of marketing at KT.

The joint service comes at a time when so-called fintech, shorthand for financial technology, has emerged as the next growth area for both financial and technology firms.

The country’s financial regulator said in July it planned to allow IT firms and mobile platform operators to take advantage of their existing customer channels to gather clients for internet banking businesses.

“Clip is not just an electronic wallet service,” said Suh Joon-hee, CEO of BC Card Korea. “With an addition of the payment service, it diversifies the online-to-offline ecosystem, offering a retail platform with optimized fintech services.”


BY PARK JUNG-YOUN, PARK EUN-JEE [park.jungyoun@joongang.co.kr]

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