Comprehensive payment company NHN KCP (CEO Park Jun-seok) announced that it has signed a memorandum of understanding (MOU) with SB Payment Service (hereinafter SBPS), the payment subsidiary of Japan’s SoftBank, and the Japan Regional Headquarters of the Korea Trade-Investment Promotion Agency (KOTRA) to introduce Japan’s largest easy payment service “PayPay” into the Korean market.

The core of this agreement is that it will directly connect the domestic market with PayPay’s user base of 72 million, a service used by more than one out of every two people in Japan. NHN KCP will form a technical partnership with SoftBank’s payment-specialized subsidiary SBPS and fully introduce the PayPay mobile payment system to domestic online merchants.

With the resolution of payment issues, which had been the biggest entry barrier for Japanese consumers using Korean online shopping malls, sales from reverse direct purchases to Japan by domestic companies in sectors such as K-beauty, fashion, and content are expected to grow going forward.

KOTRA’s Japan Regional Headquarters is also joining as a public–private cooperation partner to help invigorate trade between Korea and Japan. Building on the collaboration experience of jointly establishing the Global Trade Payment Platform (GTPP), NHN KCP and KOTRA plan to provide comprehensive support ranging from market development to marketing so that outstanding Korean companies can successfully enter the PayPay user market.

Based on an online platform integrated with PayPay payments, KOTRA plans to pursue Japan-targeted consumer promotions, support for promising companies to join the platform, and projects to discover and connect with local partners, thereby expanding the base of Korean companies’ online exports to Japan.

Under the agreement, each institution will focus on its area of expertise. NHN KCP, as Korea’s largest payment service provider, will be responsible for building the online payment system and ensuring stable settlement based on online infrastructure. SBPS, a SoftBank subsidiary, will provide the PayPay payment interface, while KOTRA will support export promotion and the expansion of economic exchanges between the two countries by leveraging the payment infrastructure.

Noh Jae-wook, Executive Vice President of NHN KCP’s PG Business Division, stated, “We have high expectations as we join forces with SBPS, a SoftBank Group company leading the Japanese payment market, and KOTRA, which supports the growth of Korean companies,” adding, “We will do our utmost to ensure that this cooperation becomes a new turning point for online reverse direct purchases and the vitalization of Korea–Japan trade.”

Meanwhile, as Korea’s No. 1 electronic payment service provider, NHN KCP has been supplying comprehensive e-commerce infrastructure including payment, settlement, and security, and has been leading innovation in the electronic payment sector such as easy payment services. Recently, the company has been actively pursuing new businesses including stablecoins to maximize convenience for merchants and customers and to lead the digital finance environment.

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