Shinhan Card and Nespresso Launch Co-Branded Card

"Discounts and Points Offered on Purchase of Some Coffee Products"

Shinhan Card, the No. 1 credit card company, is partnering with premium coffee brand Nespresso to launch a co-branded card. This collaboration is with Nespresso, a leading player in the capsule coffee sector.

According to financial sources on the 22nd, Shinhan Card confirmed plans to release a new card product in partnership with Nespresso. A credit card industry insider stated, “It is expected that discounts or point accumulation benefits will be offered when purchasing certain coffee products from Nespresso.”

Nespresso, a subsidiary of multinational food company Nestl?, holds the No. 1 market share in the domestic capsule coffee market. It first debuted in the European market in 1986 and entered Korea in 2007. Nespresso aims to provide top-quality coffee anytime and anywhere, whether at home, upscale restaurants, or offices.

In the credit card industry, ‘collaboration’ is emerging as a new trend. In particular, Shinhan Card has been expanding cooperation with affiliates and group companies recently. Along with Shinhan Bank, it launched the ‘SOL Travel Card,’ entering the travel card (specialized for overseas travel) market, and is also collaborating with three internet-only banks. The ‘Kakao Bank PLCC’ is planned for release in the first half of next year, and various collaboration plans with other internet-only banks such as Toss Bank and K Bank are under consideration.

The background of this cooperation lies in the ‘connection and expansion’ emphasized by Shinhan Card CEO Moon Dong-kwon. At the 2024 second half business strategy meeting held on the 19th at Shinhan Card headquarters in Euljiro, Seoul, CEO Moon stated, “In the second half, we will focus on achieving results through connection and expansion,” and requested strengthening collaboration to go beyond simple connections. He explained that partnerships with premium coffee brands or big tech companies mark the beginning of these connections.