₩4.6 billion to be invested in Seogwipo Central Shopping District; NAVER Pay payment network planned

【Financial News, Jeju = Reporter Jeong Yong-bok】 NAVER Pay’s digital payment technology will be introduced as part of a project to develop Seogwipo Central Shopping District in Jeju, with 4.6 billion won to be invested. The initiative aims to make payments more convenient for foreign tourists and strengthen local merchants’ capabilities in online promotion and customer management.
According to Jeju Special Self-Governing Province on the 8th, Jeju-based commercial district planning company Jeju Aepongdang, led by CEO Kim Nam-cheol, and NAVER Pay, led by CEO Park Sang-jin, signed an agreement on the 2nd to revitalize Seogwipo Central Shopping District.
Last June, Seogwipo Central Shopping District was selected in the Glocal Commercial District category of the Ministry of SMEs and Startups’ 2026 Local Commercial District Development Project. It was one of six commercial districts selected nationwide, and the plan is to invest a total of 4.6 billion won through 2027 to develop it into a district that combines local culture and tourism.
Glocal Commercial Districts are part of a government support program that uses local cultural and tourism resources to attract visitors from Korea and abroad and improve the competitiveness of local businesses. The Ministry of SMEs and Startups will provide up to 5 billion won over two years to districts selected this year.
The centerpiece of the agreement is the introduction of NAVER Pay’s integrated offline payment terminal, “Npay Connect.” The device supports a range of payment methods, including cash, cards, QR codes and near-field communication (NFC), and connects stores with online services such as reviews, coupons, ordering and points accrual.
The two companies agreed to expand payment options available to foreign tourists and provide merchants with training on using the terminals and Naver services. Promoting the commercial district through online platforms such as Naver Search and Naver Maps is also included in their cooperation. The companies plan to develop specific initiatives in consultation with relevant organizations and local merchants.
The Seogwipo Central Shopping District development project also includes plans to establish a “Glocal Meeting Center,” a Korean-style clothing experience studio and a K-beauty experience space. The idea is to link shopping with tourism and cultural experiences to encourage visits and spending in the district.
The cooperation with NAVER Pay focuses on establishing the digital infrastructure needed to connect these tourism offerings with visits to and transactions at actual stores. Key challenges include making payments accessible to foreign tourists and strengthening merchants’ ability to attract customers online.
Jeju Province plans to pursue the project by combining the on-the-ground experience of local commercial district planners with the technology of private payment companies.


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