Visa and Hyundai Card enter global strategic data partnership

By Leandra Monteiro

Visa and Hyundai Card, a credit card company in Korea, announced a strategic business partnership to pursue potential collaboration opportunities in the development of insights and value from payments data.

“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 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.”

The two companies will leverage data science-related resources and expertise to jointly develop innovative data products and solutions. Hyundai Card will offer its data analytics platform globally by leveraging Visa’s global network that spans over 200 countries and territories around the world. Its hyper-customised, marketing solution is supported by AI, and is currently provided to Hyundai Card’s PLCC (Private Label Credit Card) partner companies.

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

The partnership will also see Visa lending its extensive data assets and capabilities to support the growth of Hyundai Card’s data alliance group and platform, “Domain Galaxy”.