Hyundai Card to offer first Baemin credit card

Finance

Published: 08 Jul. 2020, 17:12

Hyundai Card to offer first Baemin credit card

Woowa Brothers CEO Kim Beom-joon, left, and Hyundai Card CEO Chung Tae-young pose for a photo to celebrate the partnership between the two companies at the headquarters of Woowa Brothers, the operator of Baedal Minjok, in Songpa District, southern Seoul, on Wednesday. [WOOWA BROTHERS]

Hyundai Card has partnered with food delivery company Baedal Minjok to launch a branded credit card, the first time a Korean credit card company has partnered with a delivery firm.

Hyundai Card said the company and Baedal Minjok, commonly referred to as Baemin, signed a credit card partnership agreement on Tuesday.

Set to launch during the second half of this year, the card will give point rewards, dubbed “Baemin Points,” to customers ordering food through the app, which can be used like cash to purchase food on Baemin. The same rewards will be given to users of so-called untact services, like online shopping malls and subscription services. According to Hyundai, on average 15 million people visit the app every month.

Hyundai Card has been active in partnering with the retail industry. It previously partnered with eBay and Costco, Korean Air, and most recently Starbucks in June.

The two companies will also strengthen ties in marketing. Hyundai Card and Baedal Minjok will develop eco-friendly food containers together and plan to open food-related events for users of both brands.

With the launch of the branded credit card, the two companies will be able to utilize accumulated transaction data to offer more personalized services and marketing insights, Hyundai Card said.

BY KANG JAE-EUN [kang.jaeeun@joongang.co.kr]