Hyundai Card Launches Next-Generation Easy Payment Service 'PinPay'

Instant Completion Upon Entering PIN Number After Selecting PinPay Feature in Shopping Mall

[Asia Economy Reporter Yu Je-hoon] Hyundai Card announced on the 10th that it has launched the next-generation simple payment service 'PIN Pay' together with its subsidiary Blue Walnut.

PIN Pay is a simple payment service that significantly reduces the time and steps required for online payments. After selecting the PIN Pay function embedded within the shopping mall, users choose the card for payment and enter only their Personal Identification Number (PIN) to complete the payment instantly. The company explained that it is convenient because payment can be completed at once within the shopping mall without launching a separate payment app.

In the case of typical simple payment services, users had the inconvenience of having to pre-register the cards to be used for each simple payment service through each company's application or each card company. Recently popular app card methods also required going through a payment gateway (PG), making the payment in the card company app, and then returning to the shopping mall.

The first place where Hyundai Card's PIN Pay was applied is the online edit shop 29CM. Hyundai Card analyzed that as a result of conducting a pilot service with 29CM since December last year, the customer dropout rate during the payment steps, which was as high as 30%, improved by more than 10 percentage points, and the shopping mall's sales also increased, indicating overall high satisfaction.

Hyundai Card plans to expand the PIN Pay service mainly to small and medium-sized online shopping malls. In particular, it plans to provide the service free of charge, embodying the spirit of mutual growth with small and medium-sized merchants. A Hyundai Card official stated, "We expect to provide payment convenience to Hyundai Card's 10 million customers and help small and medium-sized merchants significantly reduce the high usage fees of existing simple payment services along with increasing sales."