NHN KCP has introduced card payments for auction fees at agricultural wholesale markets, which had centred on cash and bank transfers. Middlemen can pay auction fees by card and secure up to 30 days to manage funds, while wholesale market operators can receive payment two business days after card settlement.

NHN KCP said on Monday it linked card payment infrastructure to the wholesale market auction payment and remittance solution NDPAY, in cooperation with IT company Enboost.

NDPAY is a service that uses Shinhan Card’s dedicated card for middlemen to connect their auction-fee payments with wholesale market operators’ receipt of funds. NHN KCP provides card payment and payment and settlement infrastructure, while Shinhan Card issues the dedicated cards. Enboost handles service operations.

Middlemen can buy agricultural products with the dedicated card even before collecting sales proceeds. They can secure up to 30 days until the card payment due date, reducing the funding burden of paying cash in advance.

Wholesale market operators can receive auction fees two business days after card settlement, regardless of each middleman’s individual payment schedule.

Payment history management is also digitised. Middlemen can check card usage in real time on NDPAY, and wholesale market operators can check payment and remittance status. It can reduce work such as confirming cash deposits and manually reconciling transaction records.

NDPAY is currently operating at 11 markets nationwide, including Garak Market and Guri Market, Busan’s Eomgung and Banyeo markets, and Daegu’s Maecheon Market. It plans to expand coverage to 33 public wholesale markets nationwide.

NHN KCP plans to expand the application of its payment infrastructure to other B2B distribution sectors where repetitive payments and settlements occur.

An NHN KCP official said adding card payments to agricultural wholesale markets that had relied on cash and bank transfers reduced the burden of fund management and payment collection for middlemen and wholesale market operators.