SettleBank Enters Offline Payment Market with 'KT Membership Internal Account Payment'

[Asia Economy Reporter Hyunseok Yoo] SettleBank announced on the 1st that it will enter the offline payment market with the simple cash payment service ‘KT Membership Naetongjang Payment’ within KT Membership, built in collaboration with KT.

SettleBank’s ‘KT Membership Naetongjang Payment’ service is a payment method within the KT Membership app. It is a combined payment service designed to improve customer inconvenience caused by having to present membership barcodes separately and make double payments, allowing the use of membership points simultaneously with payment. From the merchant’s perspective, it not only reduces fees but also shortens payment time, enhancing customer satisfaction.

Until now, Naetongjang Payment has been applied to movie reservations at Lotte Cinema, CGV, Megabox, and other theaters within the KT Membership app, receiving great responses from KT Membership customers.

Encouraged by this response, SettleBank will significantly expand the payment locations of Naetongjang Payment to about 15,000 GS25 convenience store offline locations nationwide starting from the 1st. SettleBank plans to continuously expand offline merchants not only for GS25 but also for KT Membership partner brands such as Tous Les Jours.

Based on its know-how in building and operating various payment solutions, SettleBank continues to introduce payment services that enhance the convenience of financial customers. In January, it launched the ‘010 ZeroPay’ app in connection with ZeroPay, allowing the purchase of about 50 types of mobile local currencies at discounted prices.

SettleBank stated, “This partnership is a collaborative case where SettleBank and KT improved the existing membership discount usage method by embedding a cash payment method in the membership app,” adding, “We will actively expand the Naetongjang Payment service partnership, which has so far focused on online merchants, into the offline sector.”

Naetongjang Payment is a simple cash payment service that can be easily and conveniently used by registering only the bank account in the user’s name once initially, and thereafter only entering a password. It allows simple payment within 2 seconds without installing a separate app and provides income deduction benefits due to the nature of cash payments.

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