Naver Pay and Kakao Pay Launch Accounts and Cards in Collaboration with Woori Bank and Hana Card

Naver launches account with up to 4% annual interest
Kakao unveils limited edition Travelogue check card

Naver Pay and Kakao Pay are launching a variety of financial products in collaboration with banks and credit card companies.

Naver Pay announced on July 23 that it will introduce the "Npay Money Woori Account" together with Woori Bank within the third quarter of this year.

This product allows users to deposit prepaid Naver Pay Money and receive an annual interest rate of up to 4%. When making online payments with Naver Pay Money from the account, users can earn up to 3% in points.

The product will be available in a limited quantity of 750,000 accounts. After opening the account and registering it as a Naver Pay simple payment account, an automatic annual interest rate of 3.0% will be applied on balances up to 2 million won. In addition, for the first 300,000 customers who sign up within six months from the launch date, a preferential annual interest rate of 1.0 percentage point (p) will be applied on balances up to 2 million won.

The first 200,000 customers to open the account will also be eligible to sign up for the "Npay Woori Installment Savings," which offers an annual interest rate of 4.5%.

This installment savings product has a six-month maturity and allows weekly deposits of at least 1,000 won, up to a maximum of 300,000 won per month.

Kakao Pay has released the third limited edition of the "Kakao Pay Travelogue Check Card" to coincide with the summer vacation season.

This card comes in two designs: "Harubang Ryan," featuring Ryan transformed into a Dolhareubang, and "Panda Chunsik," set in a bamboo forest.

This product is a collaboration between Kakao Pay and Hana Money.

For overseas transactions, payments are made with foreign currency Hana Money, while domestic payments use Kakao Pay Money. Benefits include free currency exchange for overseas payments, exemption from overseas transaction fees, and no ATM withdrawal fees abroad.

In Korea, the card is linked to Kakao Pay Money and offers a basic 1% Kakao Pay Point reward, among other benefits.