Account and Gift Card Payments Available
Equipped with Various Payment Methods such as MST and NFC
Provided for Financial Services Including Remittance and Currency Exchange
[Asia Economy Reporter Ki Ha-young] KB Kookmin Card has launched 'KB Pay,' a comprehensive financial platform that adds financial services such as remittance and currency exchange, as well as membership functions. Through KB Pay, which combines KB Financial Group's specialized comprehensive financial service capabilities and customer-centric digital technology, the company plans to provide an 'open comprehensive financial platform.' Attention is focused on whether KB Pay can gain an advantage amid intensified platform competition offering various financial services, with not only financial institutions but also big tech companies entering the market.
KB Pay Allows Payments via Accounts, Gift Certificates, and Points
On the 15th, KB Kookmin Card announced the launch of KB Pay, which improves the convenience and scalability of payments by enhancing the functions of the existing mobile application 'KB Kookmin App Card.'
This service is characterized by allowing the registration and use of payment methods other than cards, such as accounts, gift certificates, and points, as well as credit and debit cards. KB Kookmin Bank accounts, Happy Money gift certificates, KB Kookmin prepaid cards, and KB Kookmin Card points can be registered. In the future, the range of registrable payment methods will be expanded, focusing on accounts of various affiliated financial companies such as banks, securities firms, and savings banks, as well as providers of gift certificate and point services.
Unlike other simple payment services, KB Pay secures payment convenience and versatility at offline merchants comparable to plastic cards. This is achieved by incorporating various payment methods such as Magnetic Secure Transmission (MST), Near Field Communication (NFC), and QR codes. For overseas payments, it is currently possible to make on-site payments without a physical card using the QR code method at offline overseas merchants of UnionPay. In the future, overseas merchant payments with Visa and Mastercard and ATM withdrawal services will be added using NFC functionality.
KB Pay allows users to access various financial services and membership services such as account-to-account simple remittance, overseas remittance, and foreign currency exchange without installing an additional app. Customers who subscribe to the service can easily remit money to desired accounts through bank accounts registered in KB Kookmin Bank's Liiv app, and can also use KB Kookmin Bank's foreign currency exchange service via virtual accounts. Additionally, membership services for CU and GS25 are provided, and mobile transportation card functions for buses, subways, and taxis are available. KB Kookmin Card plans to further enhance financial and lifestyle convenience services by adding remote payment support services such as tuition fees and electronic notification services in the future.
KB Kookmin Card Aims to Become the 'Number One Financial Platform Company' with KB Pay
KB Kookmin Card has the ambition to lay the foundation for KB Financial Group to leap forward as the 'number one financial platform company' through KB Pay. Earlier, KB Financial Group Chairman Yoon Jong-kyu stated at the 12th anniversary ceremony of KB Financial Group last month, "We must become the 'number one financial platform' based on KB's unique digital capabilities."
A KB Kookmin Card official said, "Based on future scalability and openness, we plan to grow into a truly 'open comprehensive financial platform' that cooperates with various partners without being confined by industry boundaries."
This service is available to individual customers aged 14 or older who own a smartphone in their name. Customers wishing to use the service must go through the process of installing the KB Pay app → agreeing to the terms → identity verification → registering payment password and biometric authentication information → registering payment signature → entering and authenticating payment method password.
To commemorate the launch of this service, KB Kookmin Card will provide prizes to a total of 6,031 customers who register at least one payment method among bank accounts, points, or gift certificates and make at least one payment using the registered payment method by the end of November. Prizes include ▲Genesis G80 (1 person) ▲Galaxy Z Fold2 (10 people) ▲PlayStation 5 (20 people), among others. Additionally, during the event period, customers who check the domestic remittance menu or recharge points will receive 1,000 points each for the first 20,000 customers, and customers who agree to push notifications will receive 3,000 points for the first 20,000 customers.
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