Hana Bank collaborates with Coupang on faster payment services

Hana Bank and Hana Card announced a collaboration with Coupang and Coupang Pay on Wednesday, aiming at expediting payment services for the ecommerce operator's merchants.

Hana Bank CEO Lee Seung-lyul, second from right, and Coupang CEO Kang Han-seung, second from left, pose for a photo at the signing of their partnership at Coupang's headquarters in Songpa District, southern Seoul, on Tuesday. [HANA BANK]

Hana Bank and Hana Card announced a collaboration with Coupang and Coupang Pay on Wednesday, aiming at expediting payment services for the ecommerce operator's merchants.

Merchants registered to the service, which started on Wednesday, will receive the payment through a specialized credit card issued by Hana Financial Group.

Their joint goal through the partnership is to ease the burden of small- and medium-sized business operators that are suffering through an extended period of high interest rates and a weak economy, said Hana Bank.

The fast payment service to sellers was designated as an innovative financial service by the Financial Services Commission in September.

Coupang did not disclose how quickly the merchants will be able to receive the payment compared to the existing service nor the conditions they need to meet to register the service.

BY JIN MIN-JI [jin.minji@joongang.co.kr]