BGF Retail Signs Business Cooperation Agreement with Korea Railroad Corporation

Jinyoungho, Executive Director of BGF Retail (right), and Jodaesik, Head of the Metropolitan Railroad Headquarters at Korea Railroad Corporation (left), are taking a commemorative photo after the business agreement ceremony on the 9th.

[Asia Economy Reporter Lim Hye-seon] BGF Retail, which operates the convenience store CU, announced on the 10th that it signed a strategic business agreement on mutual business cooperation with Korea Railroad on the 9th of this month.

The business agreement ceremony was held at the BGF headquarters located in Gangnam-gu, Seoul, with attendees including BGF Retail Executive Director Jin Young-ho and Korea Railroad Corporation Metropolitan Railroad Headquarters Director Cho Dae-sik, along with other officials.

According to this business agreement, customers will be able to use Rail Plus (R+) transportation card sales, charging, and refund services at CU stores nationwide in the future, and will also be able to make product payments.

The Rail Plus (R+) transportation card operated by Korea Railroad is a prepaid transportation card usable nationwide, which can be used to pay for subway, bus, taxi fares, as well as train fares including KTX and highway tolls, making it the largest regional transportation payment method in Korea.

Recently, as regional travel such as KTX and metropolitan buses has become relatively convenient, the number of long-distance commuters has continuously increased, and the number of Rail Plus (R+) transportation card users has soared from 230,000 in 2018 to 830,000 as of the end of last year.

Through this business agreement, Korea Railroad has secured nationwide infrastructure that allows Rail Plus (R+) transportation card users to use the service more conveniently, and BGF Retail expects an increase in sales through the expansion of payment methods.

In addition, both companies plan to collaborate on promotion using each other's platforms, as well as discovering and expanding new partnership businesses.