Fintech Company 'Iromnet' Launches Promotion to Celebrate Favors' Official Domestic Opening

Fintech specialist company ‘Iromnet Co., Ltd.’ (CEO Min Yoonjae) announced that to commemorate the official domestic launch of its global payment platform Favors, it will offer free annual and membership fees to the first 100 new reverse direct purchase (yeokjikgu) merchants on a first-come, first-served basis.

This promotion has been ongoing since April 22, providing benefits of no initial membership fee and no annual fee, saving up to 300,000 KRW over one year. However, the promotion will end once the quota of 100 merchants is filled.

Favors integrates all overseas payment methods including global simple payments, global credit cards, and international remittances. Currently, it supports over 140 simple payment methods worldwide, including in China, Japan, Southeast Asia, and Latin America, enabling merchants to offer unrestricted payment services to customers in any country they enter.

Additionally, it provides more than 140 services including major global simple payment services such as PayPal, Alipay, Alipay+, WeChat Pay, Shopee Pay, and Touch n Go.

Payments can be made in the local currency of the country where the merchant operates, and settlements can be consolidated in the currency desired by the merchant, which has received high praise from merchants. A dedicated merchant management site (back office) is provided to check transaction and settlement details in real time, and merchants integrating Favors also receive the 'Favors Unified Payment Window,' allowing customers worldwide to pay more conveniently online.

Moreover, Favors has a specialized operations team focused on overseas payments and communication, ensuring fast and prompt responses in case any issues arise, guaranteeing stability.

Kim Dongjae, Group Leader of Favors Growth Strategy Group, said, “We prepared a significant discount promotion to announce the domestic launch of Favors,” adding, “We hope many domestic reverse direct purchase shopping malls and service merchants targeting foreign tourists expanding overseas will enjoy the convenience of Favors through this promotion.”