Payco
Let customers pay with Payco. No configuration required.
Payco was created by Nonghyup Bank, one of the biggest banks in Korea, as a way for customers to send money, pay bills, get insurance, and access investment products.
Partnerships with platforms like YouTube and T-money, used to pay for public transportation in Seoul and other major cities, mean it's grown into a popular way to pay online.
You don't need to set up a bank account in Korea to add Payco as a payment option with Paddle.
primary market
Payco is a popular payment method for customers in Korea and Koreans living abroad.
total payments/year
Payco processes transactions totalling ₩7.4tn on average each year.
monthly active users
Payco has 12m registered users of their app as of Q1 2022, with 4.1m monthly active users.
Key features
| Countries | KR |
| Platforms | All |
| Currencies | KRW |
| One-time items | |
| Subscriptions | |
| Refunds | |
| Chargebacks | |
| Can be presented when saved? | |
| Instalments |
How it works
Customer chooses local payment methods option
Turn on Payco by enabling Korean payment methods in a couple of clicks in your Paddle dashboard. Paddle automatically presents the option to pay using Korean payment methods for customers paying in a supported country and currency.
Customer chooses Payco
Paddle launches a localized Korean payment methods workflow, where the customer can choose to pay using Payco.
Customers may be asked to accept terms for Payco.
Customer starts confirmation
If the customer is checking out on a desktop, they're prompted to scan a QR code with their phone. If they're on mobile, they're prompted to open Payco.
Customer confirms purchase
Customer confirms purchase on their phone using their Payco app.
Payment complete
If successful, Paddle Checkout shows a success screen or enters your success workflow.
Accept Payco
Go to Paddle > Checkout > Checkout settings.
On the General tab, check Korean payment methods.
Click Save to apply.
Test Payco
You can test Korean payment methods using your Paddle sandbox account, but you can't test Payco directly yet.
To test Korean payment methods:
Turn on Payco by enabling Korean payment methods for your Paddle account.
Open a checkout for a one-time item that's priced in
KRW(South Korean Won).Pick Korea as the country on the first screen of checkout, then enter an email address.
Select local payment methods as the payment method.
Follow the prompts to complete purchase.