NHN KCP announced on the 26th that it will participate in the Global Trade Payment Platform (GTPP) project organized by Visa and KOTRA.
GTPP is the first dedicated platform for trade payment in the country, allowing buyers to pay import fees with credit cards while domestic corporations can settle their export payments. The current inter-country payment system is a very complex area with varying legal and regulatory requirements, technological compliance requirements, and operational time zones depending on the country, leading to the use of traditional payment methods that involve many necessary documents and take a long time.
GTPP addresses these challenges by digitizing the entire trade payment process, including document registration and payment disbursement, to prevent trade fraud risks and enhance payment efficiency.
NHN KCP will develop a Visa global trade payment platform and establish a payment system between domestic exporters and overseas importers.
The GTPP project is set to expand its service range to over 20 countries worldwide, starting this year from Asian regions such as Taiwan, Japan, and Mongolia, and later extending to the Americas and Europe.
An NHN KCP official said, "As the leading payment service provider in the country, NHN KCP is establishing a solid position while providing stable payment infrastructure to domestic and international e-commerce companies, and it has newly entered the global trade payment market valued at 850 trillion won. We will continue to take the lead in creating new payment standards and maintain our position as a key player in the industry."