[Asia Economy Reporter Oh Ju-yeon] Tmonet, a company specializing in mobile transportation card payments, announced on the 23rd that it has launched a service to convert 'Gyotong Pay Points' into 'Naver Pay Points' within the 'DamDam' app through a partnership with Naver.
Gyotong Pay Points is a service that allows users to transfer transportation card balances into points usable like cash at online merchants, accessible via the DamDam app. DamDam is a transportation card charging and payment app that enables users to check or recharge their transportation card balance via smartphone without visiting offline charging stations such as convenience stores, and provides payment services using plastic transportation cards at over 200 online merchants including 11st and Nexon.
Until now, Gyotong Pay Points could only be used as a means to recharge transportation cards, but going forward, they can be converted into Naver Pay Points and used at Naver Pay affiliated merchants. Customers can easily convert points by applying for Naver Pay Point conversion through the 'Convert Gyotong Pay Points' feature within the DamDam app. The conversion rate is 1:1, the conversion fee is free, the minimum unit is 1P, and up to 200,000 points per person per month (a total of 2.4 million points annually) can be used.
To celebrate the launch of the service, DamDam is running a point re-accumulation event until the 31st of this month. When converting Gyotong Pay Points to Naver Pay Points, 3% of the first converted amount will be re-accumulated as Gyotong Pay Points.
Park Jin-woo, CEO of Tmonet, said, "Using Gyotong Pay Points allows users to overcome the limitations of traditional transportation cards and freely use transportation card balances at various places," adding, "In the second half of the year, we plan to focus on expanding point conversion services through partnerships with various services to increase user benefits."
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