'5th Anniversary' NHN Payco Life Blueprint: "Connecting Daily Life and Finance"

[Asia Economy Reporter Bu Aeri] NHN PAYCO announced on the 3rd, marking the 5th anniversary of its service launch, its slogan "PAYCO LIFE" and unveiled a blueprint to connect daily life and finance.

"PAYCO LIFE" signifies an everyday life fully covered by PAYCO 24/7. It embodies the intention to seamlessly integrate into users' daily lives to enhance quality of life and to become a new lifestyle representing the mobile era.

On this day, PAYCO also revealed its achievements over the past five years.

Since its inception as a simple payment service on August 1, 2015, PAYCO has expanded its services centered around ▲payment ▲coupons ▲campus zones ▲order ▲public services ▲finance.

PAYCO first established an online and offline payment environment. PAYCO’s payment locations are among the largest for simple payments in Korea, with 200,000 online and 2.7 million offline locations (including credit card merchants compatible with Samsung Pay). It was revealed that users make an average of 5.7 PAYCO payments per month, proving PAYCO has established itself as one of the major payment methods.

Additionally, PAYCO maximized user benefits through "PAYCO Coupons." PAYCO users utilize about 250 coupons offered monthly across 14 categories including food, fashion, beauty, health, and childcare, receiving an average discount of 4,100 KRW per person per month. The highest benefit amount in a single month reached 1,284,000 KRW.

"PAYCO Campus Zone" is an offline hub targeting university students, future major consumers, established on 200 campuses nationwide. Notably, there are 43 locations in Seoul, covering 86% of universities in the Seoul area as PAYCO Campus Zones. Users at these universities can make PAYCO payments at student cafeterias, cafes, convenience stores, shuttle buses, and even copy app services.

PAYCO’s contactless order payment method, "PAYCO Order," has signed contracts with 27,000 affiliated stores. Thanks to the untact (contactless) trend, the order rate in the second quarter of 2020 grew 150% compared to the previous quarter. The most ordered menu via PAYCO Order was Americano, accounting for 41% of total orders, confirming its primary use in cafes.

The "PAYCO Public" service, centered on electronic document boxes, was a key business area for NHN PAYCO in the first half of this year. Users can check payment notices from nine institutions including telecom bills, local taxes, card statements, and gas bills. It was found that one in ten users pays immediately after receiving a notice, demonstrating mobile usability. In the future, civil electronic documents such as resident registration certificates, previously only issuable on government websites, will be issuable, viewable, storable, and submittable through the PAYCO app.

With the "PAYCO Finance" service, users can transfer funds to a total of 104 financial accounts, view integrated account information from 19 accounts, and check cards from 14 companies, allowing them to see their financial transaction history at a glance. The "Customized Loan" service for comparing loan products, "Insurance Recommendation" for comparing and subscribing to suitable insurance, and the consortium-led "MyData Demonstration Service" are also linked with numerous financial companies.

NHN PAYCO plans to connect the naturally established "PAYCO LIFE" in daily life to finance that reflects individual lifestyles in the future.

Jung Yeon-hoon, CEO of NHN PAYCO, stated, "This year will be the first year of growth into a financial platform embodying the value of life, based on the achievements of building a lifestyle platform. By integrating the various services PAYCO has introduced, we will strengthen PAYCO’s position as a lifestyle-oriented platform that becomes a way of life, while also creating a space to provide personalized financial service experiences."

This content was produced with the assistance of AI translation services.