Samsung Card's Market Share Surges in Q2... Closely Chasing 1st Place

Narrowed Gap with No.1 Shinhan Card to 2.67%p Thanks to Expansion of Individual Members

[Asia Economy Reporter Ki Ha-young] Samsung Card has made significant progress in the second quarter of this year, driven by the expansion of individual members. The gap with the first place has narrowed, and it is taking the lead in the competition for the second place.

According to the Financial Supervisory Service's Financial Statistics Information System on the 27th, Samsung Card accounted for 18.55% of the total credit sales (excluding corporate purchases, including individual and corporate) among the seven specialized card companies (Shinhan, Samsung, KB Kookmin, Hyundai, Lotte, Woori, Hana Card) in the second quarter of this year, narrowing the gap with the first place Shinhan Card (21.22%) to 2.67 percentage points. This is the lowest quarterly figure since the first quarter of 2017.

It also took the lead in the ongoing competition for the second place. Samsung Card solidified its second place by widening the gap to 0.78 percentage points from the third place KB Kookmin Card (17.77%) and 2.12 percentage points from the fourth place Hyundai Card (16.43%).

Samsung, KB Kookmin, and Hyundai Cards are competing for the second place among card companies. As the market share of the undisputed first place Shinhan Card gradually declines, the competition for market share among the second-tier card companies is intensifying. As of the fourth quarter of last year, Samsung Card's market share was 17.93%, with a difference of about 0.6 percentage points from KB Kookmin (17.66%) and Hyundai Card (17.33%). Hyundai Card has expanded its market share by nearly 2% over the past two years, closely chasing Samsung and KB Kookmin Cards. In the first quarter of last year, KB Kookmin Card overtook Samsung Card for the first time in nine years to take second place.

The increase in Samsung Card's market share is mainly attributed to the expansion of individual members. A Samsung Card official said, "The increase in individual members has led to a rise in individual credit sales volume," adding, "The volume of online transactions has increased through collaboration with major online distribution partners, and the partnership with Tesla in the rapidly growing electric vehicle market has also contributed to the increase in automobile industry transaction volume."

Meanwhile, there were changes in the market shares of small and medium-sized card companies such as Lotte, Woori, and Hana Card. In the first quarter, Woori Card expanded its market share the most among the seven card companies, overtaking Lotte Card to take fifth place, but in the second quarter, it fell back to sixth place with 8.77%. Lotte Card regained fifth place with 9.39%. Hana Card remained in the lowest position with 7.86%, but showed the largest increase among the seven card companies, expanding its market share by 0.57 percentage points compared to the previous quarter.