Each sapay service is released one following another… All-out efforts to secure customers
KB · Shinhan · Hana Card to unveil ‘Open Pay’ in advance this month
The ‘pay war’ of credit card companies is in full swing. This is because the simple payment market has emerged as a blue ocean as profitability continues to deteriorate. At the end of this year, it is noteworthy whether the release of ‘Open Pay’ by domestic companies, which has been sluggish due to the news of the pilot operation of ‘Apple Pay’, will speed up.
According to the card industry on the 2nd, the domestic simple payment usage amounted to 221 trillion won last year. It accounts for regarding 20% of the domestic private payment scale (1,000 trillion won).
Consumer indicators also continued to show signs of recovery, with the total card approval amount recording 285.5 trillion won in the third quarter. The figure increased by 15.1% compared to the same period last year, and the quarterly recovery rate has continued to rise this year. This is why credit card companies, whose profitability has deteriorated due to reduced merchant fees, are targeting the simple payment market.
In fact, Hana Card held a QR payment activation event for ‘One Q Pay’ and NH Nonghyup Card also renewed ‘NH Pay’ and held an event for new subscribers. We are focusing on securing.
Here, Apple Pay is scheduled to go into pilot operation at the end of this month. According to Apple Pay’s leaked terms and conditions last month, it was planned to start pilot operation at coffee franchise stores such as Starbucks, Costco stores, convenience stores, and large credit card merchants equipped with NFC terminals, such as E-Mart.
In response to this, domestic credit card companies seem to be hastily preparing for open pay, which has been sluggish.
Open Pay is a system that allows card companies to use cards from other card companies with a single app in order to check the easy payment systems of Big Tech, Samsung, and Apple.
The card industry plans to open the service in advance in the middle of this month, starting with KB Kookmin Card, Shinhan Card, and Hana Card, which have completed building the current system among the seven companies that participated in Open Pay. Currently, KB Kookmin Card and Hana Card have completed computer work and final testing, and Shinhan Card is said to be in the process of final testing.
An official from the card industry said, “The Credit Finance Association is preparing the exact date and data for the launch of the open pay service.
However, since the large companies Samsung Card and Hyundai Card did not participate in Open Pay, the tag of ‘half-priced’ continues to follow. So far, each company’s system construction situation has been different, so the release has been delayed, raising questions regarding whether the service will be effective.
On the other hand, OpenPay has already been registered as a trademark at Saramin, a company specializing in recruitment, so it took its first step under the name of ‘App Card Interworking Service’. The service name will be changed to a new name soon.
