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Dongkuk Steel launches KODIT Pay-One credit payment system

South Korean steel producer Dongkuk Steel Mill announced that it has launched the Korea Credit Guarantee Fund (KODIT)-backed Pay-One credit payment system through its steel e-commerce platform, Steelshop.

Dongkuk Steel launches KODIT Pay-One credit payment system

According to the company’s statement, with the launch of the Pay-One guaranteed payment system, the aim is to increase transaction convenience for customer companies by enabling deferred (credit-based) purchases through Steelshop.

It was stated that Steelshop, through integration with KODIT, will provide all collateral application, approval, and limit management processes seamlessly via the platform. Under the new system, limits of up to 10 billion won per company will be provided, and collateral documents will be issued on the same day. In addition, a 0.3 percentage point discount will be applied to the final calculated guarantee commission.

Through this application, the company aims to allow customer firms to make deferred purchases without requiring complex financial procedures, diversify payment options, and increase both new customer acquisition and repeat purchases.

A Steelshop official stated that the initiative will accelerate digital transformation and financial innovation in the steel distribution market, adding that payment and financial services aimed at improving transaction processes within the steel e-commerce ecosystem will continue to be strengthened.

 

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