Card firms target business clients as consumer market saturates

Credit card companies are stepping up efforts to launch specialized cards designed for businesses in specific sectors as they shift their focus to business operators amid saturation in the consumer credit card market, industry officials said Friday. Card issuers are increasingly offering benefits tailored to the spending patterns of different sectors in an effort to build a loyal customer base. Payment volumes by business clients tend to be larger and their transaction cycles relatively stable, they said. Major card firms have recently introduced a series of products aimed at specific professions, including cargo truck operators and forestry workers. Unlike earlier products that were broadly categorized as business cards, the latest offerings are designed based on detailed analyses of industry-specific expenditure patterns. Woori Card recently rolled out the industry’s first fully non-face-to-face application and issuance system for cargo welfare cards that does not require document submissions. Instead of asking applicants to provide paperwork such as business registration certificates