Cafe24 CEO Lee Jae-suk, right, and ECPay CEO Lin Yi Ong pose after signing an MoU on expanding payment options for Taiwanese consumers purchasing items from Korean online shopping malls. [Photo provided by Cafe24 Corp.]
Cafe24 Corp., South Korea’s electronic commerce (e-commerce) platform provider, will partner with Taiwan’s leading online electronic payment service provider ECPay to add new payment options for Korean online shopping malls, a move that is expected to boost sales in Korean e-commerce sites shipping products to Taiwan.
The Korean company said Tuesday that it has signed a memorandum of understanding (MoU) with ECPay to include cash and prepaid convenient store cards as new methods to pay for purchases made at Korean e-commerce sites. Currently, Taiwanese consumers are allowed to use only credit cards to pay for items from Korean online shopping malls.
Thanks to the partnership between Cafe24 and ECPay, Taiwanese consumers will be allowed to pay for purchases made from Korean online shopping sites not only with credit cards, but also with cash transferring through virtual accounts or online banking and prepaid convenient store cards.
ECPay is Taiwan’s No. 1 online electronic payment service provider with about 1.5 trillion won ($1.3 billion) worth of annual transaction as of 2016. It provides service to about 13,000 partners.
Lee Jae-suk, chief executive of Cafe24 said that the company is the first among Korean e-commerce platform providers to introduce cash payment service to Korean online shopping malls targeting consumers in Taiwan. It will continue to establish an online business infrastructure so that its customers will be able to successfully set footing in overseas markets.
By Choi Seung-jin
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]