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Showing posts from June, 2024

[Korea] Why BNPL is a Hit Globally but Struggles to Win Over Korea's MZ Generation

Hey folks! Today, I want to chat about a super trendy financial service that's been making waves globally—BNPL, or Buy Now, Pay Later.  You might have heard the buzz around it, especially if you're a shopaholic like me. BNPL is this nifty option that lets you buy stuff now and pay for it later, without the hassle of going through credit checks.  Sounds like a dream, right? But here's the kicker: while it’s all the rage abroad, Korea’s MZ generation is just not that into it. Let’s dive into why that is! What’s the Deal with BNPL? First things first, BNPL stands for Buy Now, Pay Later. It’s pretty much what it sounds like.  You get to buy something today and pay for it down the road. It’s kinda like a digital layaway plan, minus the old-school vibes. What makes BNPL cool is that it skips the tricky credit checks that come with getting a credit card.  If you're 18 or older, you can start using BNPL right away, even if you don’t have a steady income or a bank account. No...

[Korea] Navigating the PLCC Landscape: Hyundai Card Captures 80% Market Share

Top selling Hyundai PLCCs (Costco, Korean Air, Starbucks) Amidst the issuance of over 7 million Private Label Credit Cards (PLCCs) , Hyundai Card has demonstrated its market dominance with an impressive near 80% share. Hyundai Card has announced plans to not only attract more customers through its PLCCs but also to enhance its competitive edge by collaborating closely with partner companies. According to data released on the 26th 2023 by Rep. Yoo Eui-dong from the National Assembly, the number of PLCCs issued had reached 7,338,677. Introduced in South Korea in 2015, PLCCs are specialized cards that offer exclusive benefits and services through partnerships with specific companies. Unlike co-branded cards, which offer perks from various partners , PLCCs provide targeted rewards and discounts from dedicated collaborators. For card issuers, PLCCs are beneficial as they attract a substantial influx of customers, particularly those loyal to the partner brands, which can significantly enhanc...