PayCo

PayCO is one of the most popular digital wallets and payment apps in South Korea. Its total payment volume (TPV) was KRW 1.4 trillion in 2024, up 11% year-on-year. This makes PayCO the preferred payment method for many Korean consumers.

With PayCO integrated, e-commerce stores can instantly gain access to a large user base that is familiar with this payment method. As a trusted service, PayCO can increase consumer loyalty, which is a key factor for new entrants to the market. It provides a smooth payment experience through mobile or PC, which can increase customer satisfaction and attract new and repeat customers to e-commerce stores.

KOMOJU is a payment gateway solution that simplifies the process of integrating various payment methods, including PayCo, into e-commerce platforms. It supports multiple languages, provides simple API integration, and most importantly, ensures secure transactions. It provides peace of mind and confidence for your business and customers, and is perfect for integrating PayCO and other payment options into your store.

PayCo Features

The PayCO app offers several useful features that make it a popular choice for digital payments:

Digital Wallet: PayCO allows users to store and manage multiple credit/debit cards and bank accounts within the app, eliminating the need for physical cards. Transactions are secure and convenient, with encryption and authentication methods such as passwords or fingerprints.

Multiple Payment Methods: Users can register multiple bank accounts and credit/debit cards, including the PayCO Lotte card, which offers higher points collection rates and exclusive rewards.

Banking and Remittances: PayCO enables easy transfers between bank accounts and payment apps, and has affiliate accounts with major financial institutions such as SC First Bank, Hana Bank, and Hanwha Investment & Securities. Most transfers are free.

Points System: Users earn PayCO points for shopping, which can be redeemed for discounts and offers at affiliated merchants. The system is fully integrated into the app, making it simple to track and manage points.

Easy Bill Payments: PayCO allows users to set up automatic transfers for recurring bills, such as utility bills, rent, or subscriptions, ensuring timely payments.

PayCO Campus Zone: PayCO also offers a dedicated feature for college students called PayCO Campus Zone. This feature is specifically designed for college campuses where there is a high concentration of 20-something users. Students can use their smartphones to make PayCO payments on campus, which has helped PayCO gain a large user base among college students.

How PayCO works

Most stores, apps, and online stores in Korea list PayCO as a payment option at checkout, making online and offline transactions easier. Customers can choose any card or bank account linked to PayCO to complete the transaction.

To use the PayCO app, users must:

• Register using a valid Korean mobile number or email as their ID.

Add a bank account, credit card, or mobile phone as a preferred payment method.

Complete the identity verification required during initial registration.

Although the PayCO app does not offer an English option, businesses can use KOMOJU, an alternative payment solution for e-commerce stores entering the Korean market (or operating globally). KOMOJU can set up PayCO in your store without the language barrier, allowing you to focus on your business.

Offline Payments

Making offline payments using the PayCO app usually requires scanning a QR code or barcode. To make an offline payment, users need to open the PayCO app and scan a QR code provided by the merchant or display a barcode on the screen for the store clerk to scan. Alternatively, if contactless payments are supported, users can hold their phone over a card reader. Funds are deducted from the user's PayCO points, linked bank account, or credit card.

Online Payments

Paying online with PayCO is simple. At checkout, customers select PayCO as a payment method and enter their PayCO ID and password for their first payment. Customers select the PayCO option on the payment screen for subsequent payments, and identity verification is automatically completed. Funds are deducted from the user's PayCO points, linked bank account, or credit card.