April 26, 2024

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[THE INVESTOR] eBay Korea, local unit of the US online shopping giant, said on Nov. 6 it has partnered with LG CNS to expand its fintech and online-to-offline businesses.

The two companies have decided to work on expanding SmilePay, eBay’s e-payment service here.

 

eBay Korea CEO Brian Byun (left) and LG CNS CEO Kim Young-shub

The partnership comes amid fierce competition in the local e-commerce sector to develop and expand online payment systems, something crucial for retaining loyal customers.

SmilePay was launched in 2014 and has been providing the service mainly on eBay Korea’s e-commerce platforms Auction and Gmarket. In 2016, the e-commerce firm partnered with Korean food distributor SPC Group and started providing offline e-payment service through SmilePay at over 6,000 brand stores such as Paris Croissant and Baskin Robbins. The payment system’s accumulated turnover reached over 1 trillion won (US$896.13 million) last year.

Through the partnership with the IT solutions unit of LG Group, the US-based firm plans to further expand its presence in both online and offline e-payment markets.

The two companies said they will continue to cooperate with each other for synergies.

“We plan to develop diverse online and offline payment solutions together to provide services that are compatible with the fourth industrial revolution,” Na Young-ho, head of eBay Korea’s Strategic Business Division, said in a statement.

By Song Seung-hyun (ssh@heraldcorp.com)