Number of CU Foreign Currency Exchange Transactions Quadruples Year-on-Year
Airport Lounge Passes to Be Sold Starting Mid-Next Month
CU, the convenience store chain operated by BGF Retail, announced on July 30 that it is launching a foreign currency exchange service in partnership with iM Bank.
At the signing ceremony for the 'Multilateral Business Agreement to Build a Customer-Centered Financial Ecosystem' held on the 29th at the iM Financial Center in Jung-gu, Seoul, (from left) Donghwa Jung, CEO of UTransfer, Junghoo Oh, Head of Strategy Innovation Division at BGF Retail, Sangsoo Choi, Vice President of iM Bank, and Jooyong Jung, CEO of Jeniel System, are posing for a commemorative photo. Photo by BGF Retail
Prior to the service launch, BGF Retail signed a 'multilateral business agreement for building a customer-centric financial ecosystem' on July 29 at the iM Financial Center in Jung-gu, Seoul, together with iM Bank and its related partners, Ufintechhub (hereafter Utransfer) and Zeniel System. Each company will establish a close cooperation system for the following: exchange requests through the banking app (iM Bank), application of the exchange system (Utransfer), delivery of exchange envelopes (Zeniel System), and store stocking and customer handover (BGF Retail).
Through this partnership with iM Bank, CU will significantly expand its customer touchpoints, following its existing fintech overseas remittance service app, Utransfer. CU stores where iM Bank's foreign currency delivery service is available number about 210 in Seoul, the metropolitan area, Daegu, and the Gyeongbuk region. The service is planned to expand nationwide in the future.
Since 2021, CU has been operating a foreign currency exchange service where customers can apply for currency exchange via the app and pick up the foreign currency at a designated offline store near their home. A total of 10 currencies can be exchanged, including the US dollar, euro, Japanese yen, Chinese yuan, and Thai baht. For the US dollar, which is a key currency, an exchange rate benefit of up to 90% is applied. Last year, the number of service uses increased by 4 times (390.0%) compared to 2023, due to a rise in overseas tourists.
Recently, CU has been introducing services to enhance customer convenience in line with increasing demand for overseas travel. Starting in mid-August, CU will sell domestic and international airport lounge passes through its own app, Pocket CU. From the end of September, CU will also provide a service where a lounge admission QR code is included on receipts printed at offline stores, allowing customers to conveniently access domestic and international airport lounges.
In addition, CU launched an offline eSIM service for Japanese travelers earlier this year. A QR code for eSIM service is automatically printed on the receipt, and if customers scan and set up the issued QR code in Korea on the day of departure, they can use wireless communication services immediately upon arrival at a Japanese airport. Sales of this service increased more than threefold (239.7%) compared to the first month after launch.
Shin Sangyong, Head of Service Platform at BGF Retail, stated, "Convenience stores are evolving beyond simple retail channels into hubs that easily provide a variety of services closely related to daily life, such as currency exchange, cash charging, and various ticket purchases." He added, "CU will continue to expand customized services that reflect changing customer lifestyles and strengthen its role as a lifestyle platform that supports a more convenient life."
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