The payment solution KB Pay, launched by KB Kookmin Card, has made strides in the two years and eight months since its debut.
KB Kookmin Card said on Oct. 30 the financial platform KB Pay saw the number of monthly active users (MAU) almost double to 7,19,1000 from 3,908,000.
The number of KB Pay subscribers surged from 6 million in 2021 to 8.42 million last year and more than 10 million in June 2023.
KB Pay, an app, opened by KB Kookmin Card in October 2020, assists settlements by credit cards and check cards.
KB Kookmin Card has made strenuous efforts to grow into an integrated financial platform by adding news services, such as open banking and students’ certificate services on top of accounts and point functions.
Under the stewardship of President Lee Chang-kwon, who took office early last year, KB Kookmin Card succeeded in integrating the mobile home and Liiv Mate App into KB Pay.
An image of the payment solution KB Pay, launched by KB Kookmin Card.
President Lee has spearheaded changes, such as reorganizing of new business departments related to KB Pay, marketing and My Data departments.
Currently, KB Pay offers diverse services, such as not only flight, accommodation and rental car reservations, but also booking for the Korea National Arboretum and “Life Tap.”
In May 2022, KB Kookmin Card became a leader in participating in a loan transfer infrastructure initiative, launched by financial authorities, and the card company has expanded the scope of choice by releasing “KB Kookmin Easy Replacement Loan.”
KB Kookmin Card has made efforts to evolve KB Pay as a settlement means.
The card company has added 18 regional gift coupons, such as Yangsan Love Card and Daedeok eLoeum.
KB Kookmin Card has managed to attract consumers by realizing “going Dutch” and other card settlement functions. KB Pay customers may utilize open banking-based remittance services and overseas settlement.
In 2011, President Lee was responsible for spinning off KB Kookmin Card from KB Financial Group.
He was tapped as KB Kookmin Card president since he was engaged in a wide range of jobs, such as the card company’s new businesses, management planning, and strategic planning.
Upon his inauguration, President Lee revealed a plan to transform his company into a super platform company armed with new digital technologies and capabilities beyond limitations of the card company.
His efforts to ramp up the card company’s competitiveness as an integrated financing platform have paid off.
President Lee told a strategic meeting for the second half of 2023 in July that KB Kookmin Card was pondering how to ramp up service competitiveness, including ways of reinvigorating the KB Pay platform.
The company cited the fierce competition among other financing and fintech companies, including Shinhan Card and Kakao Pay.
Shinhan Card’s Shinhan Play and Kakao Pay saw MAU top 8.8 million and 20 million, respectively.
KB Kookmin Card is in a final stage of integration by notifying the termination of the shopping mall “Kookcar Mall” and travel shopping mall “Life Shop” without separate logging.
The Kookcar Mall, a previously separately operated app, is to be integrated into the KB Pay platform.
The exclusive travel platform “Life Shop” has been inserted into the KB Pay platform, and the app is to be terminated.
Industry analysts pay attention to whether the achievements he has made could lead to his reelection as president of the card company.
KB Kookmin Card posted 272.4 billion won in cumulative net profit in the third quarter of the year, a 22.7 percent year-on-year plunge compared to the previous year.
A KB Kookmin Card official said KB Kookmin Card saw KB Pay subscribers top 10 million thanks to efforts to expand financial and non-financial content, customer support and the company is to launch services related to commerce and travel in the second half of the year.
_이창권 사장.jpg)
_KB국민카드 KB페이02.png)
