KB Card recently introduced the “Tantan Daero Only You Card,” which comes with discount benefits for refueling and maintenance at service stations. Another special feature of the card is that it has an increased accumulated points limit.
If charges for the previous month exceed 400,000 won, its holder will get 150 points for per liter for accumulation at any service station across the country.
Users will be given 110 points per liter, up to 200,000 won of the 400,000 won per month. If more than 800,000 won is charged, 130 points will be granted per liter, up to 300,000 won. Those with 1.5 million won in charges will get 150 points per liter, up to 350,000 won.
The Only You Card also comes with discounts on Direct Auto Insurance premiums. For cards with more than 400,000 won in charges, holders will get a 10,000 won discount on Direct Auto Insurance premiums, coming to 100,000 won per month.
If the Only You Card is used to pay for charges related to maintenance, car washing and other auto-related services totaling more than 400,000 won, a maximum of 5,000 points will be granted.
If those charges exceed 800,000 won, 10,000 points will be given. If the Only You Card is used to pay for mobile communication charges in excess of 400,000 won, as much as 5 percent of the charges, or 3,000 points per month, will be given. The Only You Card has improved “point benefits.”
If Only You Card is used to pay for oil changes at service stations, will be given if the payments exceeded 400,000 won in the previous month. If charges for gas filling exceed 1.5 million won in the previous month, 170 points per liter will be given for accumulation. If charges in the previous month exceed 2 million won, 200 points will be given for the first 400,000 won charged on the card.
South Korea’s KB Kookmin Card Co. will introduce a blockchain-based personal authentication system for its bank service users from next month, becoming the first Korean financial institution that would adopt such a simplified, but more secure mobile payment verification system.
According to financial industry sources, KB Kookmin Card, in partnership with Bitcoin exchange service startup Coinplug Inc., will release a blockchain-based personal authentication service for mobile financial transaction in mid-November. It will be the first of its kind in Korea.
A blockchain technology is a public ledger of digital currencies where all participants have access to data blocks, or information, on financial transactions, rather than having a centralized ledger managed by a reputable intermediary such as a central bank. It is considered as one of the most advanced fintech or financial technology system and provides high security in online transaction.
KB Kookmin Card’s blockchain-based verification technology will first be implemented in its mobile credit card app, simplifying the current system that requires additional personal authentication steps for logging in, registering a new credit card, for making mobile payment of 300,000 won ($264.08) or above, the company said.
Market observers predict other banks and financial companies will soon follow suit of KB Kookmin Card and the blockchain-based personal authentication system will quickly replace the conventional financial transaction process in Korea that has posed an inconvenience, requiring online or mobile payment service users to have a verification certificate issued and renewed every year.
A view of the building in downtown Seoul where KB Card has offices.(Photos: KB Card)