Naver Financial's 'Fast Settlement' Monthly Payment Exceeds 1 Trillion Won

[Asia Economy Reporter Bu Aeri] Naver Financial announced on the 15th that the monthly payment amount of the Smart Store Fast Settlement service has surpassed 1 trillion won.

According to Naver Financial, over the past two years, 17.3054 trillion won has been paid to small business owners through Smart Store Fast Settlement, resulting in a reduction of approximately 89.6 billion won in financial costs.

Fast Settlement is a free advance payment service launched in December 2020 that pays 100% of the settlement amount within about three days after payment, the day following collection completion.

Naver Financial shortened the general settlement period, which usually takes about eight days, to about three days by utilizing its self-developed Fraud Detection System (FDS). Additionally, any Smart Store operator who meets usage requirements such as having more than 20 monthly orders for three consecutive months can use the service without collateral.

Lee Hyang-cheol, General Manager of Naver Pay, said, "Fast Settlement is the industry's most leading advance payment service, and over the past two years, it has recorded the market's first and largest scale achievements. We will continue to introduce innovative services that create influential changes in the market by leveraging data and technology."

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