EBN | Woori Card’s ‘Card Principle’ Tops 1 Million Cards in Five Months
Woori Card announced on August 30, 2018 that its flagship 'Card Principle' series topped 1 million cards issued five months after launch, continuing its popularity. Industry-leading accrual and discounts, together with design collaborating with artist Kim Hyun Jung drawing on Korean beauty, were cited as popularity drivers, with the outlook forecasting 2 million cards by year-end.
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One card issued roughly every 13 seconds... popularity still going strong
"With niche products also launching, we expect 2 million cards by year-end"
Woori Card announced on the 30th that its flagship 'Card Principle' series has topped 1 million cards issued five months after launch, continuing its popularity.
Woori Card introduced four products starting with 'Card Principle Point(POINT)' last April, followed by Discount(DISCOUNT), Shopping(SHOPPING) and L.POINT(L.POINT). It is regarded as having established itself as a flagship hit product in the market with a record-setting pace — topping 100,000 cards within three weeks of launch and reaching 1 million within five months.
The company cited the key factors behind the 'Card Principle' series' success as △ a solid foundation of industry-leading accrual and discounts, △ bold extra benefits in categories customers use most often, and △ a refined card design that fuses art and finance by drawing on Korean beauty (美).
As the industry's first such approach, the card drew on the work of Korean painter Kim Hyun Jung to capture Korean beauty in its design. The card plate surface was also given a special finish so the artwork appears set in a frame, and a 'ㄱ'-shaped notch was placed at the top right to make it easier to pull the card out of a wallet, an effort to enhance the customer's brand experience.
The pace of sales is also gaining momentum. With various products such as an office-worker-specific card and a mileage-type card also planned for launch, reaching 2 million cards by year-end is expected. A positive effect on sales is also anticipated, since credit cards make up a larger share of issuance than check cards.
A Woori Card official said, "By cutting unnecessary add-on services and channeling the savings into strengthening core benefits, we preemptively addressed concerns about profitability," adding, "as a result customer satisfaction has risen further, creating a win-win for both the company and our customers."
The official continued, "Despite the challenging environment in the industry recently, we are deeply grateful to have achieved such good results thanks to the enthusiastic response our customers have shown 'Card Principle,'" stressing, "we will continue to repay our customers with good products that reflect their needs and market trends."
'Card Principle Point' offers higher point accrual in 10 categories customers use frequently. 'Card Principle L Point' earns L.POINT rewards just by using Woori Card, with additional accrual when using Lotte affiliates and L Pay(L.pay).
Also popular are 'Card Principle Discount,' which offers discounts at all domestic merchants regardless of the previous month's spending, and 'Card Principle Shopping,' which combines online and offline shopping discounts on a single card.