BC Card embraces blockchain for new mobile voucher system

BC Card's headquarters in Seoul / Courtesy of BC Card

By Lee Min-hyung

BC Card has implemented blockchain technology for its mobile voucher system, enabling users to enjoy an easier and more secure shopping experience, the company said Tuesday.

According to the nation's largest card-processing firm, this latest technological achievement allowed its VIP customers to issue and use any vouchers via its mobile payment app, Paybook.

Customers had to issue paper vouchers before the blockchain-based new technology was developed, but they no longer have to do so under the advanced system powered by blockchain, the company said.

BC Card said it has applied the blockchain technology to 15 VIP-only vouchers, and plans to widen the category for more users to experience the convenient payment service.

“The convergence of the technology and the voucher system is a major technological leap forward, which will pave the way for us to develop a more innovative and convenient payment environment,” said Kim Jin-chul, vice president at BC Card's customer service division.

The company also underlined that its affiliated stores can also monitor and calculate the voucher sales through an app in real-time. The headquarters of the affiliated stores can also check real-time information related to specific sales figures of each store by using BC Card's store-only platform, WiseBiz, the card company said.

“We are going to continue developing more differentiated payment services and launch innovative services,” the executive said.

BC Card is going all-out to develop its technologies to find a new cash cow there amid a structural slowdown in the card industry.

The company is particularly seeking to advance the Paybook app by converging more technologies into the firm's flagship payment platform. The mobile app has recorded more than 10 million downloads, obtaining millions of customers nationwide.

Earlier this month, the company formed what it called a “data alliance” by signing partnerships with seven companies offering expertise in managing payment gateway servers and value-added networks.

Under the alliance, BC Card hopes to take advantage of the partners' big datasets which the company believes will become key resources for the development of new data-driven payment technologies.

The company also plans to increase the number of partners for the alliance, so it can take the lead in the emerging data-controlled paradigm shift in the industry.