NAVER Pay Unveils “Npay Simple Deposit” for Streamlined Interest Rate Comparison and Deposit Signup Experience
NAVER Pay Unveils “Npay Simple Deposit” for Streamlined Interest Rate Comparison and Deposit Signup Experience
NAVER Pay Unveils “Npay Simple Deposit” for Streamlined Interest Rate Comparison and Deposit Signup Experience
- The first in the fintech industry to launch a one-stop intermediary service that covers the comparison of interest rates to signup
- Features the participation of five financial institutions, including four major banks: Hana, Jeonbuk, Gyeongnam, and Busan
- NAVER Pay’s Deposit Comparison service upgraded with the industry-first feature that exclusively compares high-interest money market deposit accounts (MMDAs)
October 19, 2023
NAVER Pay (CEO Park Sang-jin) unveiled an intermediary service called “Npay Simple Deposit,” which facilitates a one-stop experience from interest rate comparison to deposit signup, a first in the fintech industry.
After the Financial Services Commission designated online deposit product intermediary operations as an innovative financial service in November 2022, “Npay Simple Deposit” was the first in the fintech sector to be launched among nine companies designated as innovative financial service providers.
Users can compare the interest rates of various deposit products through Deposit Comparison service on NAVER Pay, and after viewing the product information, they can open deposits immediately through “Npay Simple Deposit.” In addition to providing an outbound link to the deposit creation page, the process streamlines the entry of information through integration with the financial institution systems, allowing for a faster and more convenient procedure.
When users agree to provide information after selecting “Npay Simple Deposit,” their personal information, including their name, date of birth, and phone number, is provided to the financial institutions, allowing users to quickly create deposits without having to install separate apps for the financial institutions and manually input personal information during the authentication, agreement, and confirmation stages. After creating the deposit, users can also integrate with the MyData-based asset management service “NAVER Pay My Assets” to manage their deposits.
When you browse the NAVER Pay “Financial Products” tab and go to “Deposits” home page or search for “Deposit Comparison,” the products available for registration via NAVER Pay are indicated with the “Npay” mark at the right. The “Npay Simple Deposit” filter can also be used to filter the product list.
Users can open deposits from four major banks, including Hana Bank, Jeonbuk Bank, Gyeongnam Bank, and Busan Bank, and one nonbanking financial institution, Welcome Savings Bank, through “Npay Simple Deposit.” Plans for ongoing expansion of participating financial institutions are underway; Daegu Bank and Jeju Bank will be included by the end of the year.
Moreover, “Deposit Comparison on NAVER Pay” has been upgraded with the industry-first feature to exclusively compare high-interest money market deposit accounts (MMDAs). MMDAs refer to savings products from banking and nonbanking institutions with an interest rate of 1% or higher. The “Deposit Comparison on NAVER Pay” feature provides information on 35 accounts from major banks and 78 from nonbanking institutions.
The feature currently provides information on approximately 4,000 offerings, including regular and special installment and fixed deposits, cash management accounts (CMAs), and MMDAs from over 120 financial institutions, including 18 major banks and 102 nonbanking institutions (Korea Post, Credit Unions, merchant banks, securities firms, savings banks, etc.) as of October 2023, which is to be updated constantly.
“In response to the growing demand with high-interest services, we quickly established an intermediary service that allows users to easily register for their desired products. We plan to continuously broaden the range of products accessible through ‘Npay Simple Deposit’ by partnering with more financial institutions,” a NAVER Pay spokesperson commented. “Given the increasing interest in short-term asset management through MMDAs, we will provide the most up-to-date information.”
