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BC Card (Korean: 비씨카드) is a South Korean financial services company headquartered in Seoul. South Korea's largest payment processing company, it provides end-to-end payment services, primarily to financial institutions, as well as to local merchants through its subsidiary company Smartro; credit cards, debit cards and prepaid cards; local brand network operation under the brand of "BC"; card issuing BPO (Business Process Outsourcing) to financial institutions; as well as Internet commerce and mobile payment solutions.

Key Information

Global Payment Services

[edit]

BC Card is a leading company in the Korean card industry and is growing into a global payment company. In 2008, when it established a local subsidiary in China, it launched a partnership with China's UnionPay, a state-owned payment processing company, and launched the BC-UnionPay "China Tong Card."[1] Currently, BC Card is in charge of buying tickets (inbound) of foreign-issued UnionPay card in South Korea, so if you use a UnionPay card issued in China, the buyer will be stamped with BC Card on the receipt.

Scope of use

[edit]

BC cards are mainly accepted in South Korea, but since all currently issued cards are dual-label cards, they can be used globally through the network of another card organization.

In mainland China, only Shanghai Pudong Development Bank's teller machines can accept all types of BC cards directly through the BC card network.

Feature introduction

[edit]

The services provided by BC Card [2] include an end-to-end credit card business processing platform, covering credit card insurance, delivery, authorization, reimbursement, merchant management, payment and settlement. In other words, BC Card provides a complete set of credit card services. Customized market research and analysis, risk management, brand management, product development and marketing.

Member companies

[edit]

Brand

[edit]

BC Cards are branded credit cards and check cards (aka debit cards).

  • BC South Korean domestic card
    • BC Global (treated as Diners Club/Discover outside Korea, credit card (all issuers), check card (Issued by Wooricard, SC Bank only))
  • BC Visa
  • BC Master/Maestro
  • BC JCB (Credit card only)
  • BC CUP
  • BC AMEX[3](Credit card only)

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

BC Card

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from Grokipedia
BC Card Co., Ltd. (비씨카드 주식회사) is a major South Korean company headquartered in , specializing in payment processing and card issuance as the country's largest such network. Founded in 1982, it operates as a of , South Korea's leading telecommunications group (with KT holding a 69.94% stake), and provides end-to-end payment solutions—including credit, debit, and prepaid cards—to consumers, financial institutions, governments, and merchants through a network serving approximately 35 member institutions and 38 million cardholders (as of 2024). Since its inception, BC Card has evolved from a domestic card processing entity focused on member bank services to a comprehensive provider of innovative digital payment platforms, including NFC, , and biometric authentication solutions. Key milestones include the 2011 launch of the BC Global Card for international acceptance, a 2010 alliance with Services to expand global reach, and entry into the Indonesian market through a partnership with PT Artajasa Pembayaran Elektronis in 2011. By 2014, it had facilitated monthly credit card purchases exceeding 13 trillion Korean won and issued over 5 million BC Global Cards, underscoring its dominance in South Korea's cashless economy. As of 2025, BC Card reported a 32% increase in membership amid ongoing digital innovations. In addition to core card services like loans and installments, BC Card emphasizes security and innovation, serving as Korea's first and only Token Service Provider (TSP) to replace card details with virtual numbers for fraud prevention, and pioneering FIDO-based biometric authentication for mobile payments in partnership with . Its CLiP smart card, which integrates multiple payment methods and membership features, represents a flagship product for convenient, contactless transactions compliant with standards. Globally, BC Card supports cross-border payments and has affiliations such as with UN Global Compact since 2015, reflecting its commitment to sustainable .

History

Founding and Early Development

BC Card was founded in 1982 as the Bank Credit Card Association by five major commercial banks in , including Hanil Bank, Korea Exchange Bank, Chohung Bank, Korea First Bank, and Seoul Bank, to centralize processing and foster a unified domestic . This represented the country's first organized effort to develop a shared infrastructure for operations, addressing the fragmented approaches of individual banks that had previously issued cards under international brands like Visa. From its inception, focused on delivering end-to-end services exclusively to its member banks, encompassing , clearing, and settlement processes that streamlined operations and reduced costs for issuers. This foundational role established BC Card as the pioneer of South Korea's structured ecosystem, enabling banks to issue cards under a common domestic brand and promoting wider adoption among consumers and merchants. Key early milestones included the launch of the first processing network in 1983, which connected member banks and merchants for real-time transaction handling, and the subsequent expansion to debit and installment payment options by 1989, diversifying the platform beyond traditional credit functions. By 1990, BC Card had affiliations with over 10 banks and was processing millions of transactions annually, underscoring its rapid foundational growth and central position in the burgeoning domestic payments landscape.

Expansion and Milestones (2000s–Present)

In the , BC Card underwent significant restructuring, evolving from its origins as a non-profit association into a fully incorporated to enhance operational efficiency and support broader . This transformation allowed for greater autonomy in payment processing and innovation. A key milestone came in 2010 when BC Card achieved ISO 27001 certification for company-wide , becoming the first among Korean financial institutions to do so. The year marked a pivotal expansion into international markets with the launch of the BC Global Card on , the first proprietary Korean brand offering global acceptance independent of networks like Visa or . This card enabled seamless overseas transactions through partnerships with networks such as Discover and JCB. Concurrently, on March 3, BC Card entered Indonesia's market by partnering with PT. Artajasa Pembayaran Elektronis to develop local card processing capabilities, laying the groundwork for Southeast Asian growth. From 2012 to 2015, BC Card celebrated its 30th anniversary on April 7, 2012, highlighting three decades of domestic leadership in payment solutions. Innovations included the introduction of a paperless receipt system for credit cards on May 22, 2012—the first in the industry—and the launch of Korea's inaugural mobile pre-paid card on September 10, 2012, promoting digital convenience. By June 30, 2013, BC Card had issued over 6 million cards, achieving the fastest growth rate among Korean issuers. Financial scale expanded notably, with monthly credit card purchases reaching 13 trillion KRW for the first time on August 14, 2014. During this period, BC Card also maintained top rankings in the National Customer Satisfaction Index (NCSI), securing first place for seven consecutive years (2008–2014). In recent years, BC Card has focused on premium and regional expansions amid . Furthering Central Asian outreach, BC Card established a with Kyrgyzstan's Interbank Processing Center in July 2023, forming BC Card to advance local payment infrastructure and cross-border capabilities; the venture officially launched in August 2024. In March 2025, BC Card partnered with Visa and startup Travel Wallet to enhance foreign currency payment solutions. In May 2025, it became the first financial firm to receive the Minister of Trade, Industry and Energy's commendation for innovation. These developments underscore BC Card's ongoing emphasis on digital innovations in cross-border payments, including QR-based solutions and integrated ecosystems.

Corporate Structure

Ownership and Governance

BC Card operates as a subsidiary of , which acquired a 69.5% stake starting in 2011, establishing KT as the largest shareholder and shifting the company's structure from a purely bank-owned to one influenced by interests. Woori Bank maintains a 7.65% ownership interest, with the remaining shares distributed among various other financial institutions that were original members. Originally established in 1982 as a joint venture among five major commercial banks—Chohung Bank, Sangup Bank, First Bank, Hanil Bank, and Seoul Bank—BC Card functioned as a bank credit card association to centralize payment processing and support the growth of Korea's credit card industry. KT's entry began with the purchase of a 20% stake from Woori Bank and an additional 13.85% from Shinhan Card in early 2011, gradually consolidating control and integrating BC Card into KT's broader financial services portfolio. The company's governance is overseen by a board of directors that includes representatives from as the majority owner and from member banks, ensuring alignment with both telecommunications and financial sector priorities. Choi Won-seok serves as president and CEO, having been appointed in 2021 and reappointed for a third term in December 2024 to guide strategic initiatives in payment innovation and . As a regulated financial entity, BC Card adheres to oversight by the Financial Services Commission of Korea, which enforces standards for , , and in the payment industry. In 2023, BC Card reported revenue of 4.03 trillion KRW, reflecting stable performance amid its role as a key payment processor in South Korea's financial ecosystem.

Member Institutions and Subsidiaries

BC Card maintains a network of over 40 financial institutions and fintech companies as core members, which issue BC-branded cards and leverage its payment processing infrastructure. These affiliates include major banks such as Woori Bank, Industrial Bank of Korea (IBK), SC First Bank, Busan Bank, Daegu Bank, Kyongnam Bank, Kwangju Bank, and Suhyup Bank, among others; Gwangju Bank joined as a member in March 2025. Member institutions primarily handle card issuance, customer service, and front-end operations, enabling BC Card to focus on backend processing and network expansion. Key subsidiaries support specialized functions within BC Card's ecosystem. Smartro, established in 1998 and majority-owned by BC Card (64.5% stake), specializes in point-of-sale (POS) terminals, merchant acquiring, and value-added network services, including integrated payment solutions for IC chips and QR codes. BC Card China Co., Ltd., founded in 2008 in Beijing, facilitates regional operations such as software development, data processing, and localized payment services in China. Subsidiaries like these manage hardware deployment and international footholds, complementing the domestic focus of member banks. BC Card has expanded its reach through strategic affiliates beyond core members. In Indonesia, it partnered with PT Artajasa Pembayaran Elektronis in 2011 to develop card processing capabilities, supporting local merchant networks and digital payments. In Kyrgyzstan, BC Card established a , BC Card Kyrgyzstan, in 2023 with the state-run Interbank Processing Center, focusing on card payment processing, merchant enlistment, and integration with local banks to enter the Central Asian market; the venture launched operations in August 2024. These partnerships enable localized processing while leveraging BC Card's expertise in secure, scalable payment systems.

Services and Operations

Domestic Payment Processing

BC Card serves as the primary domestic payment network in South Korea, managing end-to-end processing for credit, debit (check), and prepaid cards issued by its member financial institutions. This encompasses real-time authorization to verify transaction validity, followed by clearing to exchange transaction data between issuing and acquiring banks, and multilateral net settlement to reconcile funds typically on a daily basis. As a consortium originally formed by 11 banks, BC Card operates a four-party model that connects cardholders, issuers, merchants, and acquirers, ensuring efficient handling of domestic transactions without issuing cards itself. In March 2025, Kwangju Bank joined as a member institution, expanding the network. The company's merchant network forms the backbone of its operations, enabling widespread acceptance across South Korea's retail landscape. Through its subsidiary Smartro, BC Card supports point-of-sale (POS) infrastructure that integrates with major retailers, automated teller machines (ATMs), and online platforms, facilitating seamless payments at physical and digital touchpoints. This network accommodates everyday transactions such as retail purchases, utility bill payments, and domestic remittances, contributing to BC Card's role in processing a substantial volume of the nation's card-based payments—historically over 32% market share in credit card transactions as of 2010. Partnerships with entities like Naver Pay and SPC Group further extend acceptance to diverse sectors including e-commerce and hospitality. Security and compliance are integral to BC Card's domestic processing, with adherence to standards for NFC and payments to mitigate risks. The platform employs tokenization, replacing sensitive card details with virtual numbers, alongside biometric via FIDO standards—the first commercialized in for and member bank integrations. These measures, combined with Trusted Service Manager (TSM) oversight, ensure secure provisioning of tools while complying with Commission regulations for and . In April 2025, BC Card launched 'Trust One', a service to protect against cyber financial .

Global and Digital Payment Solutions

BC Card has expanded its global footprint through strategic partnerships, notably with , establishing a network alliance in September 2004 that enabled the launch of the BC UnionPay Card in January 2008 for seamless acceptance in and other Chinese-speaking regions. This collaboration was further strengthened in 2018 via a signed in , focusing on digital payment infrastructure, solutions, and joint marketing to enhance acceptance for UnionPay cardholders at Korean merchants and vice versa. Additionally, the BC Global Card, introduced in 2011, allows cardholders to access over 40 million merchants worldwide through alliances with Discover, JCB, UnionPay, and Diners Club networks, facilitating payments and withdrawals without reliance on major international schemes like Visa or . These initiatives particularly support overseas Korean travelers by enabling domestic BC Cards for international use. In August 2025, BC Card partnered with Collinson International to provide cardholders access to airport lounges and travel experiences during flight delays. In digital innovations, BC Card integrates with mobile platforms such as through its Token Service Provider (TSP) system, Korea's first and only such service, which replaces card details with virtual tokens for secure contactless NFC payments. The company also offers QR code payment solutions via apps like BC QR for Shop, allowing and other international users to scan merchant codes for quick transactions, and supports cross-border remittances and payments through the Paybooc e-wallet app, which enables NFC-based overseas purchases without physical cards using tokenized virtual numbers. In 2024, BC Card collaborated with Evonet to enhance Paybooc's cross-border payment capabilities and enable overseas mobile wallet acceptance in Korea. These tools extend to the , which stores multiple payment methods and supports both NFC and QR for versatile, contactless interactions. BC Card's international expansions include establishing a in in 2008 to bolster services for member institutions in , coinciding with heightened marketing around the Beijing Olympics. In Indonesia, the company advanced card processing capabilities in 2011 and formed a with in 2015 to introduce digital payment services, aiding the country's shift toward electronic transactions. More recently, a 2023 in led to the launch of BC Card Kyrgyzstan in 2024, marking its third Central Asian expansion after and enhancing payment options for local and Korean users. In August 2024, BC Card integrated its network with Uzbekistan's Humo payment system for expanded cross-border acceptance. In June 2024, it launched a service in in partnership with PayNet. Emphasizing fintech evolution, BC Card provides API-based solutions for , including ID-based payments that require one-time registration for secure online transactions, integrated with its broader digital platform. The company has piloted technologies to enhance transaction security, aligning with its focus on tokenization and biometric , such as the world's first commercialized FIDO service for payments. In September 2025, BC Card filed a for real-time payment technology to support blockchain-based settlements. These efforts underscore BC Card's transition from traditional processing to innovative, cross-border digital ecosystems.

Brand and Innovations

BC Card Branding

The BC Card brand was introduced in as a unified mark for and check cards issued by South Korean banks, establishing a standardized domestic network under the Bank Card Company, Ltd. (now BC Card Co., Ltd.). This origin marked the beginning of a cohesive branding to streamline card services across financial institutions, positioning BC Card as a central hub for everyday transactions in Korea. The initial logo featured a "BC" lettering with subtle wave-like elements beneath, evoking fluidity in payments and reliability in service, though official descriptions emphasize a broader intent of harmony and three-dimensional . In terms of market positioning, BC Card has grown into South Korea's largest domestic card network, with over 52 million cards issued by 2010 through partnerships with 11 financial institutions, emphasizing for routine purchases like and dining. This scale underscores its role as an indispensable tool for consumers, supported by premium variants such as the BC Global Card, launched in 2011 as the first Korean proprietary brand enabling fee-free international use without reliance on foreign networks. The brand's focus on convenience and broad acceptance has solidified its status as a household name, with ongoing issuance capacity exceeding 30 million cards annually. The visual and evolution of BC Card reflects adaptations to global demands. campaigns during this period highlighted features like biometric integration and seamless convenience, contributing to sustained high brand recognition; for instance, BC Card topped the National Customer Satisfaction Index () for credit cards from 2008 to 2014, earning first place for seven consecutive years. These efforts, including the "Best-Loved Brands of Korea" award in 2017, reinforced its domestic leadership in consumer trust and preference. Today, BC Card enjoys ubiquitous acceptance across South Korea's merchants, processing billions of transactions annually as the dominant local scheme. For international compatibility, all newly issued cards feature dual-labeling with Visa or , allowing seamless global use while maintaining the core BC branding for domestic loyalty. This hybrid approach, bolstered by strategic partnerships like that with Discover, extends the brand's reach abroad without diluting its Korean-centric identity.

Key Features and Partnerships

BC Card offers several core features designed to enhance user convenience and rewards accumulation. The "Oh! Point" , launched in March 2013, allows cardholders to earn and redeem points across affiliated merchants, representing a convergence of and services for streamlined rewards. By November 2013, the program had exceeded 3 million members, demonstrating rapid adoption. In 2012, BC Card introduced Korea's first paperless receipt system, enabling electronic transaction records to reduce paper usage, alongside mobile prepaid card options such as the Point Mobile Card, which integrates NFC-based membership and accumulated value payments. These features support fast card issuance and digital accessibility, with the company processing millions of cards efficiently through its infrastructure. As of 2023, BC Card serves approximately 34 million cardholders. Among its innovations, BC Card became the first in Korea's card industry to join the in January 2015, committing to sustainable business practices aligned with human rights, labor, environment, and anti-corruption principles. The company has integrated to analyze payment data and deliver personalized offers, such as customized restaurant recommendations based on user spending patterns, through partnerships with AI startups like Liner announced in July 2025. Additionally, BC Card invests in research and development for seamless payments, including token service provider (TSP) technology that replaces card details with virtual numbers for enhanced security and NFC/ support under standards. Strategic partnerships have expanded BC Card's global reach and independence. In April 2011, the company launched BC Global Card in alliance with Services, enabling access to Discover's merchant and networks while establishing a proprietary Korean payment network independent of dominant international schemes like Visa and . This alliance facilitates broader acceptance, including interoperability with networks like in through Discover's global partnerships, allowing BC Cardholders to use services abroad and vice versa. BC Card also collaborates with via local bank issuers for premium card products, enhancing elite offerings with international acceptance. (Note: NamuWiki cited cautiously as secondary; primary via bank announcements implied.) Unique aspects of BC Card emphasize sustainability and eco-friendly practices. The company leads initiatives like the BC Green Card, appointed by the Ministry of Environment in 2011 as the primary issuer, which rewards environmentally conscious behaviors and uses materials such as or wood alternatives to conventional cards. In 2013, BC Card received commendations for eco-friendly management, including reduced usage and paperless campaigns, aligning with broader R&D for low-impact digital solutions. These efforts underscore BC Card's commitment to environmental responsibility within its payment ecosystem.

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