Support for iM Bank Merchant Account Holders
to Install Connect Terminals
On October 14, Naver Pay announced that it had signed a business agreement with iM Bank to promote regional economic revitalization and innovation in digital payments.
On the 14th, at the iM Bank headquarters in Daegu Metropolitan City, Hyangcheol Lee, Naver Pay Lead Manager (right), and Sangsoo Choi, iM Bank Vice President, are taking a commemorative photo after signing a business agreement. Naver Pay
On this day, the two companies agreed to collaborate in the field of payments based on Naver Pay's offline integrated terminal, "Connect," at the iM Bank headquarters in Suseong-gu, Daegu.
The plan is to support the mutual growth of small businesses and revitalize the local economy through digital payment innovation, such as expanding Naver Pay's offline payment infrastructure and promoting the use of local currency.
Specifically, the companies will work together to expand the integration of Connect and Naver Pay offline payments in Daegu and Gyeongbuk, promote the use of Naver Pay based on iM Bank cards, collaborate on local currency initiatives such as Daeguropay and Pohang Sarang Card, and expand Naver Pay payment services at local universities.
Through this agreement, offline merchants can now apply for Connect at iM Bank branches nationwide. Naver Pay has launched the beta service for Connect.
Support will be provided not only to businesses switching their merchant payment accounts from other banks to iM Bank, but also to existing iM Bank merchants so that they can install the Connect terminal.
With the distribution of Connect, the use and acceptance of local currency payments based on near-field communication (NFC), such as Daeguropay and Pohang Sarang Card, are expected to expand. This is because Naver Pay Points and Money can now be converted into local currency.
Connect can be used for all in-store payment methods, including card payments, Naver Pay simple payments, QR and barcode payments, facial recognition payments via "FaceSign," and Samsung Pay and NFC-based local currency payments.
It also provides features such as writing Naver Place reviews, issuing coupons, and accumulating points.
Even without a dedicated POS (point-of-sale) terminal, Connect can be used in conjunction with existing POS systems. It supports marketing activities such as providing customer-tailored benefits based on payment and order data, and also assists with customer relationship management (CRM).
Hyangcheol Lee, Lead Manager of Naver Pay Pay Service, said, "Through this partnership, we expect to create synergy between the diverse services centered on Connect and iM Bank's regionally integrated financial network," adding, "We will continue our efforts to revitalize local businesses and strengthen our digital financial competitiveness."
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