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Naver Pay Debuts 'Npay Easy Signup' for Streamlined Deposit Products

Source: Naver Financial

Seoul, South Korea - Naver Pay's launch of 'Npay Easy Signup' represents a shift in how consumers can sign up for deposit products online. 

Why It Matters: 

This is the first service in the fintech sector, following the Financial Services Commission's classification of online deposit brokerage as an innovative service.

The Key Points.

  • Naver Pay is the first of nine companies identified as innovative to launch this brokerage service.

  • With 'Npay Easy Signup,' users can quickly compare deposit rates through the 'Naver Pay Deposit Comparison' feature, which provides data on approximately 4,000 deposit types from more than 120 financial institutions.

  • The initial phase of the service features collaborations with nine financial institutions, including four from the first financial sector and five from the second financial sector.

What they say:

A Naver Pay representative noted that the service's launch aligns with the public's interest in high-interest deposit products and short-term passbooks.

What's next:

Naver Pay plans ongoing updates to expand its range of products and partnerships. 

Further updates will focus on the inclusion of high-interest deposits and short-term passbooks.

In addition, the service avoids the typical redirection to external sites for the final stages of product registration. 

Instead, it includes system integration with financial institutions to simplify and expedite the process. 

Critical personal information is automatically populated, eliminating the need for separate financial application installations or manual data entry.

Additional institutional partnerships are in the pipeline, expanding the range and variety of financial products available through the service.