Naver Financial Small Postpaid Payment Service Launching in April

Financial Services Commission Designates 2 New Innovative Financial Services and Extends Designation Period for 5 Services

[Asia Economy Reporter Park Sun-mi] Starting in April, consumers will be able to use a postpaid payment service that allows them to purchase goods with Naver Pay points and repay the charged balance and payment shortfall later.

The Financial Services Commission announced on the 18th at its regular meeting that it had designated two innovative financial services. With this, the total number of accumulated innovative financial services reaches 139.

Naver Financial's small-amount postpaid payment service has been designated as an innovative financial service. This is the first application case related to the 'Allowing innovative small-amount postpaid payment services through platforms' announced at the 6th Digital Finance Council in February.

This postpaid payment service allows consumers to repay later the difference (payment shortfall) between the charged balance of the prepaid electronic payment method (Naver Pay points) and the payment amount when purchasing goods with the prepaid electronic payment method. It calculates the consumer's postpaid payment limit using an Alternative Credit Scoring System (ACSS) that combines financial information and non-financial information (such as information held by Naver). The service is scheduled to launch in April.

The Financial Services Commission has granted special exceptions to prepaid electronic payment method issuers and managers to ▲provide postpaid payment services within a monthly limit of 300,000 KRW per individual, ▲process resident registration numbers during the service provision, ▲and operate postpaid payment services without obtaining a credit card business license under the Credit Finance Act. This also provides small credit opportunities to financially marginalized groups such as young people and housewives who have difficulty using credit cards.

Additionally, the Financial Services Commission designated eBest Investment & Securities' stock gift certificate service using an online shopping platform as an innovative financial service. Consumers can purchase and gift eBest Investment & Securities' stock gift certificates on the online shopping platform, register these certificates on eBest Investment & Securities' online media (MTS·HTS), and invest in domestic and overseas stocks.

By granting special exceptions so that the act of selling stock gift certificates on online shopping platforms does not fall under investment brokerage under the Capital Markets Act, consumers' opportunities for small investments are expanded and access to financial products is improved. The service is scheduled to launch in August.

Meanwhile, to facilitate smooth testing of previously designated innovative financial services, the Financial Services Commission also decided to extend the designation period for five services: ▲Jailand's 'Big Data-Based Real Estate Price Automatic Estimation Service,' ▲NH Nonghyup Insurance's 'Overseas Traveler Insurance On-Off Service,' ▲Shinhan Card's 'Peer-to-Peer Credit Card Remittance Service,' ▲Root Energy's 'Renewable Energy Local Resident Investment P2P Financial Service,' and ▲Shinhan Card's 'Card Information-Based Individual Business Credit Evaluation Service.'