BC Card sets its sights on markets in China

The heads of China UnionPay, left, Korea’s BC Card, center, and the Chinese ambassador to Korea, Ning Fukui, celebrate the introduction of the new “China Tong Card” at the Westin Chosun Hotel in central Seoul. [YONHAP]

Korean credit card holders will be able to use their cards in markets across China, even if the cards are not based on international standards, such as Visa or MasterCard.
BC Card, a local credit card company, said yesterday it launched a new card under partnership with China’s UnionPay, which has 740,000 retailers in China under contract for card transactions.
That is more than seven times the number of shops that Visa and MasterCard have contracts with in the country.
UnionPay, solely a credit card operator, was jointly set up by a group of Chinese banks.
BC Card also said it plans to add to the current 10,000 retailers in Korea that accept Chinese-issued UnionPay cards. Alone among domestic card companies, BC Card will be under an exclusive contract with UnionPay for the next three years.
To take advantage of the golden opportunity of the 2008 Beijing Olympics, BC plans to boost marketing activities in China with the aim of raising sales revenue in that market by 45 percent year-on-year to 165.6 billion won ($175.4 million) this year.
The BC-UnionPay Card, issued from China, can also be used in Korea.

By Seo Ji-eun Staff Reporter [spring@joongang.co.kr]