Hyundai Card launched six new debit and hybrid cards tailored to Apple Pay users in April.
The South Korean issuer is targeting teens and consumers in their twenties to capture their everyday spending habits before they transition to credit card usage.
Consumers in this younger demographic accounted for 61% of new sign-ups within the first 50 days of the launch.
This represents a 13% increase compared to Hyundai Card’s existing debit and hybrid portfolio.
The adoption rate was higher for the specific Apple Pay rewards variants, with 69% of total issuance coming from younger users.
Spending data reflects this targeted product design. Apple Pay transactions made up 60% and 52% of total payments for the two Apple Pay-specific cards.
Among customers who applied for the new cards, 31% were existing Hyundai Card members. Nearly half of these existing members chose the Apple Pay rewards variants.
The Apple Pay rewards cards offer a flat 10% cashback on all Apple Pay transactions without complex conditions.
Other cards in the lineup provide a tenfold multiplier for point accumulation and cashback in high-frequency categories such as public transit, food delivery, and dining.
Debit cards draw directly from a linked bank account. Hybrid options convert to a credit transaction when funds are depleted.
“The new debit and hybrid cards have received a strong response from customers in their teens and twenties from the initial launch phase,”
said a Hyundai Card spokesperson.
Hyundai Card intends to secure early touchpoints within young consumers’ everyday payment routines to lay the groundwork for future credit card usage and broaden its future customer base.
Featured image credit: Edited by Fintech News Hong Kong, based on image by freepik via Magnific