'Npay Connect' Integrates Three Local Currencies to Support Small Businesses

[Financial News] Naver Pay is expanding local-currency payment integration on its offline integrated terminal, 'Npay Connect.'
According to Naver Pay on the 11th, Npay Connect will be connected to three local currencies: Seoul's 'Seoul Pay+,' Daegu's 'Daegu-ro Pay' and Pohang's 'Pohang Sarang Gift Certificate.' Seoul Pay+ completed its technical integration in August, and the service has now been expanded to include local currencies from Daegu and Pohang.
Users can pay by QR code at participating merchants that accept each local currency among stores equipped with Npay Connect.
Participating local-currency merchants can display each local currency as a payment method on their Npay Connect terminal screens. Naver Pay plans to inform Npay Connect merchants through local governments, local-currency operators and regional value-added network (VAN) agencies.
As local-currency users will be able to pay conveniently not only through existing local-currency payment systems but also at merchants equipped with Npay Connect, the offline reach of local currencies is expected to expand.
Naver Pay expects Npay Connect, which is expanding nationwide, to broaden the sales base of small businesses, as local currencies are used to promote local consumption and revitalize commercial districts.
This is also expected to complement Naver Pay's payment-fee support program, which has been operated from August through the end of this year to support micro and small-to-medium-sized merchants that install Npay Connect.
Npay also offers various other services that promote the use of local currencies through simple payments and Npay Connect.
Last year, Npay signed a business agreement with iM Bank and began linking its services so that users can apply for Npay Connect at iM Bank branches in the Daegu and Gyeongbuk regions and use it without added burden. After registering 'Daegu-ro Pay' and 'Pohang Sarang Gift Certificate' as payment methods in the Npay app, users can also receive a point-draw benefit when making payments through Naver Pay's on-site payment service.
Lee Hyang-cheol, head of Naver Pay's payment services, said, "Starting with this new integration, we will expand our collaboration with various local governments across the country. We plan to establish Naver Pay Connect as a reliable payment infrastructure that supports the revitalization of local economies."
[email protected] Kim Tae-il Reporter