Hyundai Card Vice Chairman and CEO Chung Tae-young (right) and Starbucks Korea CEO Song Ho-seob brew coffee at Starbucks’ Jongno R branch in Seoul on Monday. (Hyundai Card)
Hyundai Card said Tuesday it has forged a partnership with Starbucks Korea to launch a private label credit card in the second half of this year.
The local credit card issuer will be in charge of marketing and operations.
PLCC refers to a store-branded credit card -- applicable for either retail or wholesale manufacturers, such as department and specialty stores -- allowing users to enjoy all rewards provided by the partner company.
It is Starbucks Korea’s first PLCC partnership since it launched operations here in 1999. The new credit card will offer optimized benefits and services to customers of both companies, officials said.
“Along with the PLCC product, we will spur the development of customized services based on our big data.”
Hyundai Card has so far launched PLCCs with retailers such as E-mart, eBay Korea, Costco, GS Caltex and Korean Air.
By Jie Ye-eun (email@example.com