"BC Card has a digital-based payment platform such as QR code payment. It supports Indonesia's transition to the digital payment era.

Indonesia is a market where digital-based payment services along with credit cards are growing together due to low credit card penetration. In particular, payments made using smartphones are growing rapidly due to geographical constraints consisting of a number of islands. In addition, bank account-based simplified payment services are also expanding as Indonesian people use more financial institutions."

BC Card made an announcement on the 9th that it has carried out a comprehensive business agreement with Mandiri Bank, Indonesia's largest state-run bank, to introduce digital payment services such as QR settlement.

The signing ceremony, which took place at Mandiri Bank's headquarters in Jakarta, Indonesia, on April 8 local time, was attended by BC Card President Lee Moon-hwan and Mandiri Bank President KartikaWirjoatmodjo.

The agreement will further strengthen the partnership between BC Card and Mandiri Bank. The move is aimed at officially launching the "Indonesian version of BC Card" service, which was established together by BC Card and Mandiri Bank, and actively pursuing Indonesia's digital payment era by utilizing digital capabilities such as BC Card's QR settlement and Paybooc platform.

BC Card has been working with Mandiri Bank since 2014 to upgrade its card payment service in various areas, including establishing a payment acquisition system, expanding the infrastructure of card issuers, and supplying card payment terminals.

Through this cooperation, Indonesia's digital payment conversion is expected to take place quickly.

In fact, the proportion of the population with bank accounts in Indonesia has been surging from 20 percent in 2011 to around 50 percent in 2017. Local payment operators consider the people who hold accounts as potential customers of the simple payment service. This is because account-based trading methods such as QR settlement, which is becoming common in global markets, can also grow explosively as the proportion of people who own accounts increases.

BC Card, along with its experience in introducing digital payment platforms such as QR codes before Indonesia, has been recognized by Indonesia that it can respond quickly to local market demands for new payment services based on its superior security skills such as tokens.

In particular, since much of the fintech-based payment standards (Unification, Compatibility, Security and Transparency) proposed by Indonesia's central bank are already in line with the scope of work being carried out by BC Card there, the synergy effect is expected to increase in the future.

To that end, BC Card plans to provide customized payment services that local operators, including Mandiri Bank, want. For example, QR code payment, a leading digital payment service, is also designed to develop and provide security solutions according to local circumstances.

BC Card also plans to secure new growth engines by pushing for new fintech-based projects in various countries, including Indonesia and Vietnam. It is also planning to strengthen its competitive edge as a processing platform business by actively utilizing digital capabilities that BC Card has.

'As the global payment trend is changing very quickly due to digitalization, we need a payment business that can actively respond to various trends.' said President Lee Moon-hwan of BC Card. 'We will take the lead in changing the global payment paradigm by actively utilizing the digital payment capabilities held by BC Card.'