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Visa Korea to launch new services amid changing fintech landscape

Visa Korea on Monday announced plans to launch new services this year, in an effort to grow its presence in the emerging segments of big data and contactless payment solutions.

To help its corporate clients strengthen their marketing strategies, Visa Korea said it would provide marketing solutions based on big data analytics technology for a more diverse range of businesses.

Visa Korea CEO Patrick Yoon speaks at a media event in Seoul on Monday. (Visa Korea)
Visa Korea CEO Patrick Yoon speaks at a media event in Seoul on Monday. (Visa Korea)

The global payment giant currently has a team of 500 data analysts and consultants who offer insights into data-based marketing for companies in 11 Asia-Pacific nations, including South Korea. From this year, the Korean branch will provide data analytics and consulting services for companies in diverse industries, including domestic card issuers, fintech startups, internet-only banks and online merchants.

In addition, the Seoul office will launch Visa Direct, a global money transfer service, and Visa Token Service, a payment solution that allows users to make online and offline purchases in overseas markets.

It will also operate a center at its new head office in Seoul, where it runs collaborative projects with local fintech companies.

New legislation in Korea easing regulations on the use of personal information will enable Visa to achieve cross-industry innovation as well as accelerate the growth of the fintech and payment industries, according to Visa Korea CEO Patrick Yoon.

“Visa, which has a competitive edge in data analytics, will spearhead the payment industry while working closely with its partners to offer convenient services,” said Yoon at a press conference in Seoul.

He also hinted at continuing Visa Korea’s search for new businesses through mergers and acquisitions of startups, as well as partnerships with internet-only banks and fintech companies in Korea.

Among the global fintech companies acquired by the payment firm last year were money transfer solution startup Earthport, payment protection solutions firm Verifi and point-of-sale payment gateway provider Payworks.

By Kim Young-won (
Korea Herald Youtube