South Korea’s Hyundai Card has launched the Hyundai Card Check (Apple Pay Rewards), a debit card designed for Apple Pay users that allows cardholders to earn cashback rewards by paying with an iPhone or Apple Watch.
The card, unveiled April 28, is positioned as an entry point for Korean teenagers and young adults. When Hyundai Card introduced Apple Pay in 2023, new credit and debit card issuances increased tenfold, according to the release.
“The product is drawing substantial industry attention because it serves as an ideal ‘first card’ for Korean teenagers and young adults making their first foray into the financial ecosystem,” the company said.
“When Hyundai Card initially launched Apple Pay in 2023, its new credit and debit card issuances skyrocketed tenfold. Given this track record, industry analysts believe this dedicated Apple Pay product will trigger an enthusiastic market response.”
According to Hyundai Card, South Korean financial authorities have, in recent years, reduced the eligible age for debit card issuance from 12 to 7 and permitted parental-consent credit card options for those 12 and older.
Citing payment and settlement research published last year by the Bank of Korea, the company said consumers in their twenties showed the highest preference for debit cards among all age groups. Because debit cards deduct funds at the point of sale, they allow younger users to monitor balances in real time.
Hyundai Card Teens, a credit card for teenagers, saw card issuance double in the second half of last year, according to the release. The card allows parents to set and manage their children’s spending limits.
