Naver said on Tuesday it will newly launch the "Naver Hyundai Card Edition 3" in cooperation with Hyundai Card.

When users shop on the Naver Plus Store with the Naver Hyundai Card Edition 3, 5 percent of the payment amount is 기본 accrued as Naver Pay (Npay) points, up to 15,000 points a month.

Naver will run a "double accrual promotion" through July next year, offering up to 10 percent, or double the basic accrual rate, capped at 30,000 points a month. Adding Naver Plus membership benefits of up to 5 percent (5 percent up to a cumulative monthly purchase amount of 200,000 won, and 2 percent up to 3 million won) brings total rewards of up to 15 percent of the payment amount, capped at 96,000 points a month.

The two companies lowered the annual fee and the prior-month spending requirement compared with the previous version. The card comes in 3 designs and applications will open from 2 p.m. on Tuesday.

Naver said the average monthly purchase amount of users who use both Naver Plus membership and the Naver Hyundai Card was tallied at 1.4 times that of membership-only users. The card’s cumulative issuance has topped 1.2 million since its first launch in 2021.

Naver Plus membership currently charges a subscription fee of 4,900 won a month, or 3,900 won a month with an annual pass, and offers up to 5 percent rewards on shopping and reservation payments. It offers a monthly content selection option (choose 1 from Netflix, Spotify, Microsoft (MS) PC Game Pass, and Naver Webtoon and Series cookies) and supports payments at offline partner merchants such as gas stations, movie theaters and convenience stores.

Jung Han-na (정한나), Naver’s membership leader, said, "We will continue to expand collaborations with various partner companies that can broaden the value of Naver Plus membership, from shopping and content to offline benefits."