Visa and Hyundai Card, South Korean credit card company, have unveiled a strategic business partnership aimed at harnessing insights and value from payment data.

This collaboration is planned to utilise Visa’s global network and Hyundai Card’s data analytics platform to develop innovative data products and solutions. Furthermore, Visa will be supporting Hyundai Card’s “Domain Galaxy” data alliance group and platform with its robust data assets and capabilities.

The strategic alliance features Hyundai Card leveraging Visa’s network to provide its advanced AI-supported marketing solution globally.

The platform is currently available to its Private Label Credit Card (PLCC) partner firms which include major industry players such as Costco, Starbucks, and Yanolja. These PLCC partners will gain access to Hyundai Card’s marketing platform and data analytics solutions.

This partnership will not only bolster data analytics but also positions Visa as Hyundai Card’s favored global payment brand, supporting Visa’s various initiatives, encompassing virtual cards and B2B payments.

Visa CEO Ryan McInerney said: “Our partnership with Hyundai Card marks an exciting milestone where we are leveraging data analytics to drive innovative payments experiences. Visa and Hyundai Card are deeply aligned in our strategies on responsible data use and value-creating data innovation to address evolving consumer preferences and expectations.

“We look forward to working with Hyundai Card to be at the forefront of innovative solutions that help individuals, businesses, and economies thrive.”

The companies’ joint philosophy of utilising data for digital payment innovations underpins the collaboration. The partnership will see the companies seeking business expansion into international markets beyond South Korea.

Hyundai Card vice chairman and CEO Ted Chung said: “We look forward to working with Visa and combining both companies’ expertise to providing advanced solutions that meet the needs of our partners and customers.

“In addition to bolstering our data capabilities, we envision a future where our data-driven technologies will transform the way individuals and businesses interact with financial services.”