NHN KCP and JPMorgan Selected as Payment Service Providers for L'Oreal Korea

NHN and JPMorgan Launch Joint Service
"Synergy with Global Companies"

NHN KCP, a comprehensive payment solutions provider, announced on November 19 that it has been selected as the domestic payment service provider for L'Oreal Korea, a global beauty company, in partnership with global financial services firm JPMorgan.

NHN KCP and JPMorgan's Corporate Treasury Services Division signed a domestic electronic payment gateway (PG) contract with L'Oreal Korea on this day, establishing a joint electronic payment service between the two companies.

L'Oreal Korea is the Korean subsidiary of the world's largest beauty company, L'Oreal Group, which owns brands such as Lancome, Kiehl's, Yves Saint Laurent Beauty, Prada Beauty, and Biotherm.

Under the agreement, the two companies will provide payment services for L'Oreal Korea's major beauty brands' domestic online stores, while NHN KCP will offer payment services for offline stores.

Among these, the domestic online payment services for three of L'Oreal's leading brands-Lancome, Kiehl's, and Yves Saint Laurent Beauty-will be offered through the joint electronic payment service developed by both companies. The payment module was co-developed and implemented by NHN KCP and JPMorgan.

Last year, NHN KCP was selected as JPMorgan Corporate Treasury Services Division's first domestic PSP (Payment Service Provider) partner. The two companies are collaborating to build a payment network between Korean and global merchants and to expand electronic payment infrastructure.

When Prada Beauty, a L'Oreal subsidiary, opened its first boutique store in Korea, Prada Beauty Seongsu, in January, NHN KCP's offline payment infrastructure was adopted in the process.

The two companies plan to offer a variety of payment methods, including credit cards and simple payment options, to create a payment environment tailored to L'Oreal Korea's brands. In collaboration with L'Oreal Korea, they aim to further expand the domestic payment infrastructure for L'Oreal Korea.

No Jaewook, Executive Director of the PG Business Division at NHN KCP, stated, "We will establish ourselves as a strategic partner providing advanced payment infrastructure to L'Oreal Korea and various global companies, supporting brand growth," adding, "We will also deliver a more convenient payment experience for consumers."

Park Dongwoo, Head of Corporate Treasury Services at JPMorgan Korea, said, "By leveraging a reliable and secure payment platform, the two companies will continue to support the growth of global enterprises."

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