Naver Pay (Npay) extended special interest-rate benefits on a demand deposit product it offers in partnership with Woori Bank and jointly launched a dedicated debit card with Woori Card. The deposit offers up to 4 percent annual interest, while debit card payments can earn up to 1.3 percent in points, strengthening links across its financial products.

Naver Pay said on Wednesday it introduced "Npay Money Woori Account Season 2" with Woori Bank and Woori Card and began sales of the linked product, the "Npay Woori Debit Card".

Under Season 2, customers who sign up for the account within six months of launch will receive a special annual interest rate of 4 percent for one year after enrollment, up to 2,000,000 won.

The product is a demand deposit that users access by linking Npay Money to a Woori Bank account. Customers can use it by opening a Woori Bank Npay Woori account and then setting the "link to money account" function in the app.

If the account is registered as an online Npay payment method, customers can also earn up to 3 percent in Npay points depending on the payment amount.

The newly launched Npay Woori Debit Card is offered to customers who use the account. Without an annual fee or a minimum spending requirement in the previous month, it provides a base accrual of 0.5 percent on domestic and overseas payments. For one year after launch, it adds 0.8 percent on payments at domestic merchants, offering benefits of up to 1.3 percent.

With the revamp, Naver Pay maintained interest-rate and online payment rewards benefits for the existing account while expanding the product lineup so users can also accumulate points on everyday card payments such as offline purchases.

Ryu Jeong-won (류정원), head of payment finance at Naver Pay, said, "With Season 2, we have introduced a linked debit card that can be used without burdens such as previous-month spending requirements."