KB Kookmin Bank, Naver Pay and partners sign MOU to aid small merchants
In short
KB Kookmin Bank, Naver Pay, Korea Information & Communication (KICC) and EasyShop signed an agreement on Oct 2 to support small merchants' digital transition and growth, KB announced on Oct 6. The four companies plan to connect Naver Pay's offline payment terminal Npay Connect with KICC payment infrastructure and KB financial services, and to develop tailored financial products using payment and business data. Naver Pay said Npay Connect passed 100,000 merchants nationwide by the end of June, seven months after launch.
Read the full story 2 min read
KB Kookmin Bank, Naver Pay, Korea Information & Communication (KICC) and EasyShop signed an MOU on Oct 2 to support small merchants' digital transition and sustainable growth, KB Kookmin Bank said on Oct 6. The four companies said they would combine payment, business management and financial services for small business owners. [ 1 , 2 , 3 ]
The arrangement centers on Npay Connect, Naver Pay's offline integrated payment terminal. According to Maeil Business, the terminal supports cash, card, QR, simple payment, NFC and facial-recognition payment, and lets customers leave Naver reviews and apply coupons in-store immediately after paying. Small merchants can link it to their existing POS terminals without replacing them. Naver Pay said the terminal passed 100,000 merchants nationwide by the end of June, seven months after launch, and that it plans customer-management (CRM) features using usage data. [ 3 ]
Under the agreement, the four parties plan to link Npay Connect and KICC's payment infrastructure with KB's financial services, expand sales and fund management services for small merchants, develop customized financial services using payment and business data, and run joint marketing using their customer touchpoints and sales networks. Maeil Business reported the aim is to reduce small merchants' workload by combining sales and settlement management with financial services. [ 2 , 3 ]
A KB Kookmin Bank official said the agreement is expected to provide services that offer practical help to small merchants' business operations, and that the bank will keep expanding cooperation with partners in various fields to support their stable growth. Lee Hyang-cheol, head of Naver Pay's Pay Service division, said the agreement is meant to promote the digitalization of financial and payment infrastructure for small merchants and to ease their management burden by improving store operations and fund management, adding that Naver Pay will continue working with partners on sustainable growth and shared value. [ 2 , 3 ]
The documents do not state where the agreement was signed, what financial terms it carries, or when the planned services would launch, and they give no targets for the cooperation. [ 2 , 3 ]
Why it matters
The agreement ties a bank's financial services to payment and business data from a widely used offline terminal, a combination the companies say is meant to cut small merchants' administrative work. Both KB and Naver Pay framed the deal as a way to serve small business customers and expand partner networks; the documents do not disclose any financial terms or targets.
Key facts
- KB Kookmin Bank, Naver Pay, Korea Information & Communication (KICC) and EasyShop signed an MOU on Oct 2, 2026, KB Kookmin Bank announced on Oct 6. [ 1 , 2 , 3 ]
- The stated purpose is to support small merchants' digital transition and sustainable growth. [ 2 , 3 ]
- The cooperation centers on Npay Connect, Naver Pay's offline integrated payment terminal. [ 2 , 3 ]
- Npay Connect supports cash, card, QR, simple payment, NFC and facial-recognition payment, and can be linked without replacing existing POS terminals. [ 3 ]
- Naver Pay said Npay Connect passed 100,000 merchants nationwide by the end of June, seven months after launch, and that it plans customer-management (CRM) features using usage data. [ 3 ]
- The four companies plan to connect Npay Connect and KICC payment infrastructure with KB financial services, expand business and fund management services for small merchants, develop customized financial services using payment and business data, and run joint marketing. [ 2 , 3 ]
Confirmed by several sources
- KB Kookmin Bank, Naver Pay, Korea Information & Communication (KICC) and EasyShop signed an MOU on Oct 2, announced by KB on Oct 6. [ 1 , 2 , 3 ]
- The MOU is aimed at supporting small merchants' digital transition and sustainable growth. [ 2 , 3 ]
- The four parties plan to link Npay Connect and payment infrastructure with financial services, and to pursue joint marketing using their customer touchpoints and sales networks. [ 2 , 3 ]
Still unclear
- Whether the agreement includes financial terms, exclusivity or specific targets No document states any financial terms, investment amounts or performance targets for the MOU.
- Where the agreement was signed or announced The documents do not name a city or venue.
- Details of the customized financial services the four parties plan to develop The documents say such services will be explored using payment and business data but give no product specifics or launch dates.
What local media are saying
Timeline, local time
- Korea Economic Daily's headline reports KB Kookmin Bank's agreement with Naver Pay, Korea Information & Communication and EasyShop. [ 1 ]
- Dong-A Ilbo reports KB Kookmin Bank signed the MOU on Oct 2 with Naver Pay, KICC and EasyShop to support small merchants' digital transition. [ 2 ]
- Maeil Business reports details of the planned Npay Connect-based cooperation among the four companies. [ 3 ]