Use Naver Pay with a Savings Bank Account

[Asia Economy Reporter Kim Min-young] Savings bank customers can now use the Naver Pay service.

The Korea Federation of Savings Banks announced on the 1st that, starting from the 4th, through a business partnership with Naver Financial, services such as remittance and payment using savings banks' regular deposit accounts have become available on Naver Pay.

With this, following last year's major simple payment and remittance service providers Toss, Kakao Pay, and Payco, the provision of Naver Pay services is expected to further enhance the non-face-to-face financial service environment for savings bank customers, the federation stated.

Recently, the use of simple payment and other services by savings bank customers has been increasing. In November last year, there were only 5,153 transactions amounting to 900 million KRW, but as of July this year, the number of transactions reached 25,859 and the amount 3.9 billion KRW, representing a 5-fold increase in transactions and a 4.3-fold increase in amount.

Park Jae-sik, chairman of the federation, said, “In the future, through partnerships with fintech companies and the provision of open banking services, we will further expand financial convenience for savings bank customers and create an environment where financial consumers can use savings banks conveniently and familiarly.”

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