Naver Lowers Fees Not Only for Card Payments
But Also for Prepaid Electronic Methods Like 'Npay Money'
Kakao Waives Fees for Chuseok Holiday
Cooperates on Policies to Support Small Businesses
Naver Pay announced on September 30 that starting next month, it will further reduce online payment fees for small businesses with annual sales of 300 million won or less, as well as for small and medium-sized businesses with annual sales between over 300 million won and up to 3 billion won. Kakao Pay, ahead of the Chuseok holiday, will waive payment fees for small merchants both online and offline for a two-week period.
Beginning October 1, Naver Pay will lower the fee rates for all online payment methods-including not only card payments but also prepaid electronic payment methods such as 'Npay Money'-for merchants classified as small or medium-sized businesses. Under Naver Pay's standard online fee rates, the fee for small businesses with annual sales of 300 million won or less will be reduced from 0.87% to 0.84%, a decrease of 0.03 percentage points.
For small and medium-sized merchants with annual sales over 300 million won and up to 500 million won (first tier), the fee will drop by 0.02 percentage points from 1.43% to 1.41%. For those with annual sales over 500 million won and up to 1 billion won (second tier), the rate will decrease by 0.02 percentage points from 1.58% to 1.56%. For those with annual sales over 1 billion won and up to 3 billion won (third tier), the rate will be lowered by 0.02 percentage points from 1.83% to 1.81%. As a result, the fee rate for Naver Smart Store and Npay order-type small merchants will be reduced by 0.03 percentage points, and for small and medium-sized merchants, by 0.02 percentage points compared to the previous rates.
A Naver Pay representative stated, "We have further reduced the fee rates for all payment methods to support the business growth of small and medium-sized businesses working with Naver Pay," adding, "We will continue to make various efforts to foster mutual growth with small business owners and to help revitalize the real economy."
Kakao Pay will waive payment fees for both online and offline small merchants with annual sales of 300 million won or less until October 2, ahead of the Chuseok holiday. This fee exemption benefit has been provided for two weeks starting from September 19. The waiver applies to payments made with Kakao Pay Money as well as credit and debit cards linked to Kakao Pay. This is the third time Kakao Pay has supported small merchant fees during holidays, following last year's Chuseok and this year's Lunar New Year.
Kakao Pay is also providing various types of support to small business owners beyond just fee reductions.
Recently, in collaboration with Value-Added Network (VAN) operators and Point of Sale (POS) terminal companies, Kakao Pay has been building a table QR order ecosystem to reduce the burden on small business owners and improve store operations. In addition, Kakao Pay is upgrading its store management and customer relationship management (CRM) solution, 'Boss Plus', to help stores build a loyal customer base and is providing support for initial setup costs.
A Kakao Pay representative said, "We decided to waive fees to help stimulate the small business economy in response to gradually recovering consumer sentiment," adding, "We will continue to strive to create a vibrant industry ecosystem in line with our vision of 'Finance Beneficial to All' and through policy efforts to promote small business growth."
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