“Baemin delivers food, Hyundai Card delivers card."
Woowa Brothers, operator of Korea’s No. 1 food delivery app, will introduce a private label credit card with Hyundai Card.
The two market leaders signed a partnership agreement Tuesday to jointly launch the credit card in the latter half of this year and proceed with marketing campaigns.
The branded credit card from Woowa Brothers, better known in Korea as “Baedal Minjok,” will be the first of its kind for local delivery app services. The card will provide various subscriber benefits including the app’s reward points, which the company calls “Baemin (short for Baedal Minjok) points.” The Baemin points will be issued to the cardholders using not only delivery services but also other contactless services including online shopping and digital subscriptions, which have become an integral part of daily life during this time of the Covid-19 pandemic.
“Analysis of Woowa Brothers’ user data showed that they tend to enjoy contactless services more than those who don’t use the delivery app,” said a Hyundai Card spokesperson, “which is why benefits of the new credit card has been designed to cater to overall contactless service users.”
Established in 2001, Woowa Brothers has been leading Korea’s food delivery industry on the back of its eponymous food delivery app, which currently boasts 15 million monthly active users.
Under the partnership, Woowa Brothers and Hyundai Card will share the burden of product development and marketing costs as well as profits. The two companies also vowed to spur development of customized services for customers and marketing insights on the back of their strong data science capability. Further details including annual membership fees will be announced at time of the launch.
Both renowned for exceptional branding, marketing and design, Woowa Brothers and Hyundai Card will work on a series of joint projects in tandem with the credit card launch. The first of the series will be developing eco-friendly food containers. Back in May Woowa Brothers launched sales of a set of biodegradable containers. Hyundai Card has rolled out a variety of design-focused products including kitchen utensils and its signature “Our Water” mineral water products.
The two companies also plan to host joint events for the Woowa Brothers-branded customers including “Delivery Week,” a certain period of time in year when special benefits are given to cardholders.
Ever since launching the private label credit card business in 2015, Hyundai Card has clinched partnership with a handful of leading global brands such as Kia Motors, Hyundai Motor, eBay, Costco, Korean Air Lines, and Starbucks, most recently. Private label credit cards in Korea can be used at other retailers instead of the branded partner alone, unlike in other countries.