Eight companies agree to share credit card data
BC Card, payment gateways and value-added network (VAN) services will form a data alliance, the credit card company said Thursday.
A total of eight companies including payment gateway KG Inicis, VAN service providers Nice Information & Telecommunication and KICC, have joined the alliance. More companies could participate later, BC Card said.
Credit card companies can access an individual’s credit information, including how much the card user purchased at a certain place. Payment gateways and VAN services, which provide a secure network to share information, can access the data.
The eight members plan to exchange data, combine the fragments into pseudonymous data and extract meaningful customer information from them. The alliance also plans to discover new business opportunities ahead of the MyData initiative and work together in enhancing data technologies.
“Eight companies that [we think] represent Korea’s online payment industry came together with the goal to innovate customer benefits,” said Lim Se-hyun, head of the big data center at BC Card. “We will actively cooperate with partnering companies and spearhead customer service innovation.”
BY KANG JAE-EUN [firstname.lastname@example.org]
More in Finance
Corporations rush to bond market to lock in the low rates
Social distancing to be eased for shareholder meetings
Alternative investment guidelines issued by FSS, Kofia
Kospi hits yet another all-time high after Biden inauguration