Visa and MasterCard are seeing more competition in the global payment card market as domestic card networks are emerging in some major markets. What is more, many of them have the ambition of expanding beyond their country boundaries.
Korean card network BC Global is an example. Since launched in 2011, the Korean card network has been quickly expanding its international acceptance through partnerships with processors and networks in different countries.
Launched in April 2011, it is the first Korean credit card that can be used overseas through its own brand, independently of Visa and MasterCard. Due to the popularity of international shopping, more than 1 million BC Global Cards have been issued in seven months.
The card is usable in 103 countries, including the United States, China, Japan and Australia. It be used at affiliates of Discover, Diners Club, JCB in Japan and CUP in China and it is trying to find more affiliates commonly used by Koreans.
Similar to China UnionPay, BC Global tries to get their cardholders to use their BC cards overseas by offering low or no overseas transaction fees.
Other emerging card networks include China’s CUP, India’s RuPay, and European networks PayFair, Monnet, and EAPS, among others.
Read original story here: http://www.koreatimes.co.kr/www/news/biz/2012/02/123_104315.html