Naver Pay to Improve Payment Convenience for Foreign Visitors to Korea

[Financial News] Naver Pay said on the 25th that it had signed a memorandum of understanding with BC Card and UnionPay to boost domestic payment services for foreign visitors to Korea. The three companies agreed to cooperate based on their respective payment networks, infrastructure and technological capabilities to expand support for foreign visitors using payment services in Korea. The related service is being developed with a goal of launching next year.
To that end, Naver Pay will develop and operate the service platform and payment infrastructure. BC Card will run its merchant network and infrastructure, while UnionPay will provide payment integration infrastructure and work together on technology cooperation. After the launch, the three companies also plan to actively cooperate on joint marketing and promotion to encourage use of the service.
The partnership is expected to improve payment convenience for foreign visitors to Korea, expand merchants' contact points with overseas customers and contribute to revitalizing the domestic economy.
Park Sang-jin, CEO of Naver Pay, said, "We are honored to cooperate in expanding support for domestic payment services for foreign visitors to Korea," adding, "We will actively work to create an environment where foreigners can experience even more convenient payments." 
Meanwhile, Naver Pay is expanding beyond online payments into the offline payment market through its offline payment terminal, 'Npay Connect.' As of the end of the first half of this year, the number of merchants nationwide using Connect had exceeded 100,000. In the second quarter alone, the number of newly installed merchants surpassed 52,000, showing rapid expansion across the country.

[email protected] Lee Hyun-jung Reporter