Hyundai Card and Visa have entered into a strategic partnership focused on developing data solutions.
The initiative aims to leverage the expertise of both companies to advance the global payments industry.
Why it matters: Hyundai Card, a credit card subsidiary of Hyundai Motor Company, specializes in AI-based customized marketing solutions.
At the same time, Visa, the leading credit card network in the U.S., has a presence in approximately 200 countries.
Their combined forces could signal significant advances in data analytics for the payments industry.
The Key Points:
- Details of the partnership were not disclosed. However, Hyundai Card CEO Ted Chung emphasized the potential mutual benefits, stating that the collaboration aims to provide advanced solutions that meet the needs of partners and customers.
- The initial phase of the partnership involves expanding the reach of Hyundai Card's existing data analytics solutions by leveraging Visa's vast network.
- These solutions transform various data points into actionable information for personalized marketing strategies.
- Hyundai Card and Visa intend to jointly develop a new data solution by integrating their respective data assets and data science capabilities.
- As part of the agreement, Visa will join Hyundai Card's data alliance group, Domain Galaxy, which includes 18 private-label card partners such as Costco, Starbucks, and Yanolja.
The Big Picture: Beyond its focus on data analytics, this partnership is an opportunity for Hyundai Card to showcase Visa as its preferred global payment brand for overseas services and support Visa's initiatives, including virtual cards and B2B payments.
This comes at an opportune time for Hyundai Card, which recently reported an increase in new members following its collaboration with Apple Pay.
More broadly, this joint venture could significantly impact the payments industry, changing how individuals and businesses interact with financial services through data-driven technologies.
