Naver Pay (Npay) is joining forces with BC Card and UnionPay to expand domestic payment services for foreign visitors to South Korea.

Naver Pay said on Aug. 25 that it signed a business agreement on Aug. 24 at BC Card's headquarters in Jung-gu, Seoul, with BC Card and UnionPay to promote domestic payments by foreign visitors.

The three companies agreed to expand support for domestic payment services for foreign visitors by using their payment networks and infrastructure and their technological capabilities. The related services are being pursued with a goal of launching next year.

Under the agreement, Naver Pay will be responsible for developing and operating the service platform and payment infrastructure, while BC Card will oversee the merchant payment network and infrastructure operations. UnionPay will provide payment integration infrastructure and handle technical cooperation.

After the services launch, they also plan to pursue joint marketing and promotional efforts to boost usage.

Park Sang-jin (박상진), CEO of Naver Pay, said, "We will strive to create an environment where foreigners can also use payments more conveniently."