Applicable to single-item payments between 100,000 and 500,000 KRW
Pay one-third at purchase and repay the remaining amount in installments over 2 months
[Asia Economy Reporter Yu Je-hoon] Hyundai Card has launched the country's first 'Buy Now Pay Later (BNPL)' service in the domestic card industry.
On the 5th, Hyundai Card announced that it has added the 'Installment Payment Without Card' feature, a BNPL service, to SoldOut, a limited edition market operated by Musinsa. Musinsa is a private label credit card (PLCC) partner of Hyundai Card.
This service is provided after screening to SoldOut members aged 19 or older who have no prior history of applying for or using Hyundai Card. At the SoldOut application product payment window, users select installment payment without a card, complete identity verification, enter withdrawal account information, and provide additional information for financial use to complete the payment.
The installment payment amount is paid one-third at the time of purchase, and the remaining amount is divided and paid over the next two months. Installment payment without a card applies to single product payments between 100,000 KRW and 500,000 KRW, and other products cannot be paid in installments while using installment payment.
Payment schedules and balances can be checked in the SoldOut app. To commemorate the service launch, Hyundai Card and SoldOut are also offering interest-free benefits when using installment payment without a card. A Hyundai Card official stated, "Installment payment without a card is a service for thin filers who have difficulty using financial services due to insufficient credit history," adding, "We will actively manage delinquency rates based on our internal credit evaluation model and strive to suppress multiple debts through sharing delinquency information within the financial sector."
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