Naver Pay said on Monday it will expand eligibility for a 4 percent annual interest rate on its "Npay Money Woori account" offered with Woori Bank to 750,000 accounts from 300,000.

The Npay Money Woori account is a demand deposit product that places prepaid top-up funds, Npay Money, with Woori Bank. It offers interest of up to 4 percent a year and points rewards of up to 3 percent on payments. The product was designated an innovative financial service by the Financial Services Commission.

For new sign-ups through Aug. 19, an annual interest rate of 4 percent, before tax, applies for one year from the sign-up date on up to 2,000,000 won. Customers can earn up to 3 percent in points when they make online payments using Npay Money deposited in the account.

Naver Plus Membership subscribers can earn points of up to 7 percent. Benefits for online and offline use were strengthened, including applying four times the points draw accrual amount for offline payments.

An event will also be held. Customers will receive 5,000 points if they open an account by the 30th, and they will earn an additional 10 percent of the payment amount for online payments of 10,000 won or more through May 10. The limit for the additional accrual is up to 5,000 won.