Park Jong-nam (left), CEO of Lotte Members, and Jeong Tae-seong, CEO of Biple Pay, pose for a photo at the MOU signing ceremony held at Biple Pay's headquarters in Yeongdeungpo-gu, Seoul, on June 5. [Lotte Members]
Park Jong-nam (left), CEO of Lotte Members, and Jeong Tae-seong, CEO of Biple Pay, pose for a photo at the MOU signing ceremony held at Biple Pay's headquarters in Yeongdeungpo-gu, Seoul, on June 5. [Lotte Members]

Lotte Members signed an MOU with mobile payment platform Biple Pay on Friday, the company announced.

Through the partnership, Lotte Members plans to expand its L.Point loyalty program to small businesses and neighborhood commercial districts across the country, supporting small merchants and contributing to local economic vitality. The deal combines Lotte Members' network of 45 million members with Biple Pay's nationwide infrastructure of roughly 2.16 million Zero Pay-affiliated merchants.

The two companies plan to build a combined process within the second half of this year that lets customers pay directly with L.Point through the Biple Pay app while simultaneously earning Biple Money rewards. Lotte Members said it will also use payment data to analyze commercial district trends and individual customer spending patterns to support personalized marketing.

"We will continue to lead the creation of social value that enables shared growth with small business owners, leveraging L.Point big data, and put ESG management into practice," said Park Jong-nam, CEO of Lotte Members.


siuu@heraldcorp.com