South Korean credit card companies are seeking to integrate artificial intelligence (AI)-based agentic payments into the government's nationwide “AI for All” initiative. The plan is to create a new payment ecosystem by incorporating commerce into the AI for All project.
According to credit finance industry sources on Oct. 25, credit card companies are pursuing agent pay services under the AI for All project, led by the Ministry of Science and ICT (MSIT) and three consortiums headed by SK Telecom, Kakao and KT. Shinhan Card and Hana Card are participating in the SK Telecom consortium, while BC Card is part of the KT consortium. The goal is to introduce AI agent pay services in the first half of next year.
Card companies that are not participating in the consortiums, including Samsung Card, Hyundai Card, KB Kookmin Card, Lotte Card and NH NongHyup Card, are also preparing in various ways for the era of AI agent-based payments.
Although beta testing of AI for All began this month, financial services such as agent pay are reportedly not yet included. AI for All is scheduled for an official launch in December, with available features to be introduced first and financial services expected to be added next year.
Shinhan Card became the first South Korean credit card company to successfully complete a real-world AI agent payment transaction in collaboration with Mastercard. Using Hopa, a global mobility platform, the company demonstrated the entire process, from an AI agent booking transportation suited to a user's destination to completing payment through agent pay.
Card companies are also conducting proof-of-concept (PoC) tests in collaboration with payment infrastructure providers. KB Kookmin Card signed a memorandum of understanding with SY Polaris, which holds AI commerce patents, to demonstrate AI agent-based payments. NH NongHyup Card is pursuing a PoC with AhnLab Blockchain Company. Lotte Card is also discussing a PoC with Mastercard tailored to the South Korean market. Samsung Card has reportedly completed real-world transaction testing as well.
Multiple payment infrastructure providers are understood to have received collaboration proposals from card companies for AI agent payment demonstrations.
Global payment company Visa has launched its “Visa Agentic Ready” program with partners. Following the participation of KB Kookmin Card, Samsung Card, Shinhan Card, KakaoBank, Hana Card and Hyundai Card in April, Lotte Card is also scheduled to join the program next month. Visa plans to work with card companies to test AI agent transactions and strengthen their capabilities to respond to the emerging payment environment.
The push to incorporate commerce into AI for All reflects card companies' expectations that a nationwide AI initiative involving a large portion of the population could generate various forms of payment revenue. With growth in conventional card payment revenue stagnating, the companies aim to integrate new forms of AI technology and expand the emerging payment ecosystem across multiple areas.
“Agent pay is becoming a common global standard rather than a service limited to specific countries,” a credit card industry official said. “In line with this trend, we are actively considering expanding our services through cooperation with major global payment brands.”
