Payco

Payco was created by Nonghyup Bank, one of the biggest banks in South Korea flag South 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 South Korea to add Payco as a payment option with Paddle.

primary market

Payco is a popular payment method for customers in South Korea and Koreans living abroad.

$5bn

total payments/year

Payco processes transactions totalling ₩7.4tn on average each year.

12m

monthly active users

Payco has 12m registered users of their app as of Q1 2022, with 4.1m monthly active users.

How it works

Customer chooses Payco

Turn on Payco in a couple of clicks in your Paddle dashboard. Paddle automatically presents the option to pay using Payco for customers paying in a supported country and currency.

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 Payco.
Click Save to apply.

Test Payco

You can test Payco using your Paddle sandbox account.

Turn on Payco for your Paddle account.
Open a checkout for a one-time item that's priced in KRW (South Korean Won).
Pick South Korea as the country on the first screen of checkout, then enter an email.
Select Payco as the payment method.
Click Pay and follow the prompts to complete purchase.

Paddle Checkout only presents Payco as a payment method for one-time items priced in South Korean Won, where the customer address is in South Korea.