Naver Pay Signs Agreement with Korea Financial Telecommunications & Clearings Institute to Promote Subscription Economy Services

Integration with KFTC’s Account-Based Recurring Payment Infrastructure

Naver Pay announced on December 10 that it has signed a business agreement with the Korea Financial Telecommunications & Clearings Institute (President Park Jongseok) to promote regular payment services for the subscription economy.

On the 9th, at Naver 1784 in Seongnam, Gyeonggi Province, Sangjin Park, CEO of Naver Pay (left), and Jongseok Park, President of the Korea Financial Telecommunications & Clearings Institute, took a commemorative photo after signing a business agreement. Naver Pay

The two companies plan to collaborate by combining the Korea Financial Telecommunications & Clearings Institute’s account-based recurring payment infrastructure with Naver Pay’s payment system to build a recurring payment system for the subscription economy market and to secure participating institutions.

Through this agreement, the companies will cooperate on: linking account-based recurring payments with the Npay payment system; providing recurring subscription payment services to institutions utilizing the subscription economy; integrating various payment methods and developing new payment services; and conducting joint marketing to expand their customer base and participating institutions.

In particular, they plan to focus on integrating the Korea Financial Telecommunications & Clearings Institute’s Giro service infrastructure with the Npay online recurring payment system, aiming to establish a recurring payment system that offers both low fees and convenience.

Sangjin Park, CEO of Naver Pay, stated, "We will strive to introduce innovative payment services in the subscription economy sector together with the Korea Financial Telecommunications & Clearings Institute."

Park Jongseok, President of the Korea Financial Telecommunications & Clearings Institute, said, "We expect that the combination of our stable payment infrastructure and Naver Pay’s differentiated platform capabilities will establish a new standard in the subscription economy market."

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