NHN KCP Expands Digital Payment Services with New License

Seoul, South Korea - NHN KCP has obtained a prepaid electronic payment instrument license, strengthening its position in the digital finance market through expanded point and gift certificate operations.

On December 20, the company announced that it had completed the registration for prepaid payment operations; this allows users to pay affiliated merchants using company-issued gift certificates and points.

The license acquisition follows September's Electronic Financial Transactions Act amendment, which requires e-coupon issuers to secure a prepaid payment license or outsource to licensed operators.

NHN KCP received final approval from the Financial Services Commission after demonstrating compliance with capital requirements, safety standards, and protective measures.

according to Bank of Korea data, daily average transactions through prepaid electronic payment services have grown significantly reaching KRW 1.152 trillion (US$796.4 million) in the first half of 2024, up from KRW 801.7 billion (US$554.2 million) in the first half of 2022, 

This increase reflects a global transition toward a cashless society.

A company representative said the license would enable NHN KCP to provide customers with safer and more reliable electronic financial services.

The representative added that NHN KCP would continue efforts to offer various options to business operators in the rapidly changing business environment.