Shinhan Financial Group Launches Integrated Simple Payment Service 'Shinhan Pay'

[Asia Economy Reporter Kwangho Lee] Shinhan Financial Group has entered the simple payment service market to compete against big tech companies (large information and communication companies).

On the 20th, Shinhan Financial announced the launch of the group's integrated simple payment service, 'Shinhan Pay.'

Shinhan Pay is a simple payment service that can be used at all merchants affiliated with Shinhan Card by utilizing credit and debit card payments, account payments, and prepaid payments. It was launched as an upgraded version of the existing Shinhan Card's 'Shinhan Pay Pan.'

Along with the launch of Shinhan Pay, Shinhan Financial introduced a new Shinhan Pay account payment service. Customers who have a Shinhan Bank account can easily issue a mobile check card through the Shinhan Pay account payment service, and by using touch payment technology, they can use the payment service at all Shinhan Card online and offline merchants nationwide without a physical card.

Shinhan Financial plans to expand the Shinhan Pay account payment service to customers holding accounts at Shinhan Investment Corp., Jeju Bank, and Shinhan Savings Bank in the future. Additionally, they plan to continuously enhance customer convenience by strengthening connectivity with the group's representative applications such as Shinhan SOL.

Shinhan Financial also intends to add services that provide alternative payment methods for customers who do not have a bank account or find it difficult to open one, enabling them to use Shinhan Pay.

A Shinhan Financial official stated, "In line with the group's digital transformation (DT) strategy, we developed Shinhan Pay to provide customers with differentiated payment services unique to Shinhan. Going forward, we will lead the simple payment market based on the payment infrastructure of the number one card operator and the synergy of group companies such as banks and financial investment firms."