[DigitalToday reporter Ji-young Lee (이지영)] NHN KCP is building payment infrastructure for CJ Olive Young's in-house membership points, Olive Point, as it moves to expand the prepaid payment market.

NHN KCP said on May 18 it will supply CJ Olive Young with a payment solution based on prepaid electronic payment instruments.

NHN KCP said it supports an environment where customers can use accumulated points safely like cash by linking them to its payment system. The two companies plan to expand cooperation in prepaid payment services in the future.

CJ Olive Young will strengthen customer benefits through its membership-based points programme, while NHN KCP will be responsible for technology solutions and system operations related to prepaid electronic payment instruments.

With registration requirements by financial authorities strengthened following a recent revision to the Electronic Financial Transactions Act for providing prepaid electronic payment instrument services, NHN KCP has completed registration as an issuer of prepaid electronic payment instruments.

An NHN KCP official said, "We have come to provide a solution that can improve payment convenience for CJ Olive Young customers." The official added, "With proven technology and operational know-how, we plan to support a safe payment environment and expand customised prepaid payment solutions."