Npay Loan Comparison Service
to Be Integrated into Jeju Bank App
Naver Pay (Npay) announced on August 1 that it has signed a "Business Agreement for Expanding the Digital Ecosystem and Revitalizing the Local Economy" with Jeju Bank.
Sangjin Park, CEO of Naver Pay (right), and Heesu Lee, President of Jeju Bank, are taking a commemorative photo after signing a business agreement at Jeju Bank's headquarters in Jeju City on the 1st. Photo by Naver Pay
The two companies have agreed to strengthen service integration across all online and offline sectors.
Last month, they introduced a process that allows Jeju Bank credit and debit cards to be registered as Npay payment methods upon issuance. Npay is also expanding its QR on-site payment infrastructure at university campuses in Jeju, including Jeju National University.
In the future, they plan to collaborate to expand the AI-based facial recognition payment technology, "Face Sign Payment," to campuses as well.
Since May, the two companies have linked Jeju Bank's local currency, "Tamnanajeon," with Npay, enabling it to be used at approximately 6,600 QR payment locations and all Samsung Pay merchants across Jeju.
Both Jeju residents and tourists can enjoy a 10% recharge discount on Tamnanajeon and earn Npay-linked payment points as benefits.
They also plan to connect the Npay loan comparison service to the Jeju Bank application. Jeju Bank's credit loan products will apply the Npay alternative credit scoring model, "Npay Score," allowing borrowers to find more favorable loan limits and interest rates.
Within this year, Npay will launch its offline payment device "Connect," making it available at small businesses, university campuses, and tourist sites throughout Jeju. Customers of both companies will be able to experience seamless online and offline payments through Connect.
Park Sangjin, CEO of Npay, stated, "Through Npay's technology and platform, we will work with Jeju Bank in various fields to further vitalize the local economy and accelerate digital transformation that breaks down the boundaries between online and offline."
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