Lotte Members said on the 25th that it has signed a memorandum of understanding with UnionPay International, the global payment network operator, to expand global membership and payment services. The signing ceremony, held at Lotte World Tower in Jamsil, was attended by Lotte Members CEO Park Jong-nam, China UnionPay Party Committee member and Vice President Hu Hao-zhong, and UnionPay International Vice President Zhuang Bei, along with other senior officials from both companies.
The two companies plan to combine UnionPay's payment infrastructure, built across 183 countries and territories, with Lotte Members' network of 45 million members to make shopping more convenient for customers at home and abroad. As a first step, they will add UnionPay QR code payment to the L.Point app. They are also working on a plan under which customers would be enrolled in L.Point at the same time they are issued a UnionPay card. Korean customers would then be able to make UnionPay payments overseas using only the L.Point app, while foreign tourists could use membership benefits and payment services together at L.Point merchants in Korea without any separate procedure.
The two companies also agreed to run joint promotions for L.Point members and Chinese tourists. They plan to carry out marketing activities to promote L.Point in China as well.
"This agreement will be a meaningful starting point for connecting payment and membership experiences for customers at home and abroad into one, and for creating new customer value based on the strengths of both companies," Park said. "We will continue to expand global partnerships and establish ourselves as a global service that brings new vitality to Korea's tourism and retail industries."
