On October 15, KB Kookmin Card launched KB Pay, a simple payment platform that improves the previous app card’s functions. (Photos: KB Kookmin Card)

KB Kookmin Card is stepping up effort to take off as a general platform company. Its strategy is to actively respond to changes in the digital environment with “KB Pay,” a simple payment platform and “Liiv Mate 3.0,” a platform for the MyData service.

KB Kookmin Card is diversifying the payment portfolio of KB Pay, which launched in October last year.

KB Pay is expanding its payment services into non-credit card payment methods, such as gift certificates and local currencies apart from existing card payments.

The company is also actively pursuing partnerships with various financial companies, such as banks and secondary financial institutions using open banking.

KB Kookmin Card’s open banking service that began in May provides not only inquiries into accounts of 42 financial companies but transfer and remittance services through registered accounts.

A capture of KB Pay.

Accounts compatible with KB Pay have also been expanded from Kookmin Bank’s deposit and withdrawal accounts to those of all financial companies participating in open banking.

In June, KB Kookmin Card introduced the KB Pay Restaurant Reservation Service, which allows users to conveniently book affiliated restaurants and enjoy 10 percent discounts through KB Pay.

It will also forge partnerships to provide new types of payment services, such as academy fee payment services.

Based on the advancement of personal asset management recommendation algorithms, the company will improve its hyper-personalized product recommendation function.

In August 2020, KB Kookmin Card released Liiv Mate 3.0, which strengthened services such as asset management, consumption analysis and customized benefits for customers in preparation for the MyData service era.

For the first time in the financial sector, a public cloud-based system was formed by KB Kookmin Card.

Its Person-to-Person Card Payment Service for safe used car trade is a service designated by the Financial Services Commission as an innovative financial service.

In the case of the direct trade of used cars between individuals, individual sellers are given the same status as credit card merchants to support card payments, not cash, even in trade between individuals.

This service is expected to further boost the safety and convenience of direct trade between individuals.

KB Kookmin Card is also active in the big data business. In February, the company introduced Data Route, an online-based open data business integration platform.

Data Route empowers large franchise companies, small and medium-sized companies and local governments to analyze credit card use big data online and use visualized reports and various additional services.

In a related development, KB Kookmin Card announced on October 7 that it strengthened the convenience service of KB Pay by improving its mobile transportation charge payment service and adding a remote payment service that allows the remote payment of fees.

By using the remote payment service, a customer can check payment details in notification messages or push messages and make payments via the KB Pay service without visiting stores.

Currently, the remote payment service can be used to pay academy fees.

With this improvement, customers will be able to use public transportation systems through deferred payment by simply putting smartphones at public transportation terminals for buses and subways even when the smartphones’ screens are turned off.

This service is available to customers with smartphones powered by Android Operating System 5.0 or higher.

After accessing KB Pay App, anyone can use it after consenting to the terms and conditions, selecting a payment card, and authenticating themselves.

Customers who apply for the event by the end of this month and use the service to use public transportation will receive 1,250 Kookmin Card points every five times.

This is equivalent to one free public transportation fee in Seoul, such as buses and subways. Points will be accumulated up to 5,000 points during the event.

Thanks to this expansion of KB Pay services, KB Pay users will be able to use membership services of more than 20 brands including Hyundai Department Store, Hyundai Oilbank, LG Electronics, Asiana Airlines, CU and GS25.