Naver Pay said on March 19 it signed a strategic agreement with Jeonbuk Bank to improve the digital payment environment and invigorate the local economy in Jeonbuk Special Self-Governing Province, based on Npay Connect.

Under the agreement, the two sides will promote support for small merchants to shift their payment infrastructure to digital using Npay Connect and pursue joint marketing linked to JB Card. They plan to expand terminal distribution, boost sales and spur local consumption.

Npay Connect is an offline integrated terminal that supports various payment methods, including Jeonju Love Gift Certificate (Piggy Card), cash, cards, easy payments, NFC and Facesign facial recognition payments. It also provides features such as applying discount coupons and linking to Naver reviews to support marketing for small merchants.

Jeonbuk Bank plans to build a non-face-to-face channel through its mobile platform SsoK Bank that allows applications and consultations for Npay Connect. It aims to support wider adoption of terminals in the region and improvements to payment infrastructure.

The two sides will also pursue joint marketing for JB Card customers. They plan to encourage local consumption by providing additional Npay points on top of existing benefits when customers pay with JB Card at Npay Connect merchants.

A Naver Pay official said Npay Connect is being used as a channel for shared growth, supporting the growth of local small merchants through cooperation with various financial institutions. The official said the company will support practical business growth for small merchants in the Jeonbuk region through cooperation with Jeonbuk Bank.