Timonet Launches Mutual Conversion Service Between Transportation Pay Points and 'L.Point'

[Asia Economy Reporter Hyunseok Yoo] Timonet, a company specializing in mobile transportation card payments, announced on the 10th that it has established a service allowing mutual conversion between ‘Transportation Pay Points’ and ‘L.POINT’.

Transportation Pay Points is a service that allows users to transfer their transportation card balance into points usable like cash at online merchants, accessible through the ‘DamDam’ app. ‘DamDam’ is a transportation card charging/payment app that provides services to check or recharge transportation card balances via smartphone without needing to visit offline charging stations such as convenience stores, and offers payment services using plastic transportation cards at over 200 online merchants including 11st and Nexon.

With the launch of this point conversion service, transportation card users can freely transfer their card balances into Transportation Pay Points. After converting to L.POINT, they can use the points at a wider range of online merchants. Additionally, users can convert their existing L.POINT into Transportation Pay Points to recharge their transportation cards and use public transportation.

Currently, point conversion is only available through the DamDam app, but the service will soon be available on the L.POINT app as well. Customers wishing to convert Transportation Pay Points to L.POINT should use the ‘Transportation Pay Point Conversion’ service, while those wishing to convert L.POINT to Transportation Pay Points should use the ‘Transportation Pay Point Recharge’ service. Each point type can be used up to 100,000 points per person per month (a total of 1.2 million points annually), with a minimum unit of 100P and a 3% customer fee applied upon conversion.

To celebrate the launch of the bidirectional conversion service between Transportation Pay Points and L.POINT, both companies will hold a point re-accumulation event for one month until the 9th of next month. During the event period, when converting L.POINT to Transportation Pay Points, 1% of the converted amount will be re-accumulated as L.POINT, and for the first conversion of Transportation Pay Points to L.POINT, 3% of the converted amount will be re-accumulated as Transportation Pay Points.

Sung Jeongsang, Head of Business at Timonet, said, “With the launch of the bidirectional conversion service between Transportation Pay Points and L.POINT, we can provide broader services to members of both companies,” adding, “We will continue to introduce services that enhance customer convenience.”

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