The collab will leverage their data science resources
Visa, a global leader in digital payments, and Hyundai Card, a prominent credit card company based in Korea, have announced a strategic business partnership aimed at exploring collaboration opportunities in utilizing payments data to develop insights and drive value.
The partnership was formalized during a signing ceremony held at Visa’s headquarters in San Francisco. The event was attended by executive representatives from both companies, including Ted (Tae-young) Chung, Vice Chairman and CEO of Hyundai Card, and Ryan McInerney, CEO of Visa.
Ted Chung expressed enthusiasm about the partnership, stating, “We look forward to working with Visa and combining both companies’ expertise to provide advanced solutions that meet the needs of our partners and customers. By bolstering our data capabilities, we envision a future where our data-driven technologies will transform the way individuals and businesses interact with financial services.”
The collaboration between Visa and Hyundai Card will leverage their data science resources and expertise to jointly develop innovative data products and solutions. Hyundai Card aims to offer its cutting-edge data analytics platform globally, leveraging Visa’s extensive network spanning over 200 countries and territories worldwide. The company’s AI-supported hyper-customized marketing solution, currently provided to Hyundai Card’s PLCC (Private Label Credit Card) partner companies, will be further enhanced through this partnership.
Ryan McInerney, CEO of Visa, highlighted the significance of the partnership, saying, “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. We look forward to working with Hyundai Card to be at the forefront of innovative solutions that help individuals, businesses, and economies thrive.”
As part of the partnership, Visa will provide its extensive data assets and capabilities to support the growth of Hyundai Card’s data alliance group and platform, known as “Domain Galaxy.” This alliance consists of 18 major industry players, including Costco, Starbucks, and Yanolja, offering PLCC partners access to Hyundai Card’s marketing platform and data analytics solutions.
In addition to data analytics, Hyundai Card will feature Visa as its preferred global payment brand and support Visa’s various initiatives, including virtual cards and B2B payments.
The partnership between Hyundai Card and Visa is built upon their shared philosophy and strategy of utilizing data for digital payment innovations. Going forward, the two companies will collaborate to drive innovation and pursue new business opportunities, including expansion into international markets beyond South Korea.
Tags: Hyundai cardPrnasiavisa
