Hyundai Card inks deal with U.S. card giant Visa

Ted Chung, left, Vice Chairman and CEO of Hyundai Card, and Visa CEO Ryan McInerney, at the partnership signing ceremony held at Visa headquarters in San Francisco on Wednesday. [HYUNDAI CARD]

A strategic partnership between Hyundai Card and Visa has been agreed to jointly develop data products and solutions, said the local card company on Monday.

Over a third owned by Hyundai Motor Company, Hyundai Card develops data solutions using artificial intelligence. The solutions used for customized marketing are provided to its private-label credit card partners, it said.

Visa, the largest credit card network in the United States in terms of purchase volume and credit cards in circulation, operates in around 200 countries.

Full details of the deal have yet to be disclosed.

“We look forward to working with Visa and combining both companies’ expertise to providing advanced solutions that meet the needs of our partners and customers,” said Ted Chung, Vice Chairman and CEO of Hyundai Card in a statement.

“In addition to bolstering our data capabilities, we envision a future where our data-driven technologies will transform the way individuals and businesses interact with financial services.”

“Our partnership with Hyundai Card marks an exciting milestone where we are leveraging data analytics to drive innovative payments experiences. Visa and Hyundai Card are deeply aligned in our strategies on responsible data use and value-creating data innovation to address evolving consumer preferences and expectations,” said Visa CEO Ryan McInerney.

“We look forward to working with Hyundai Card to be at the forefront of innovative solutions that help individuals, businesses, and economies thrive,” added McInerney.

BY JIN MIN-JI [jin.minji@joongang.co.kr]