Korea’s largest online portal Naver plans to launch a simple payment service called “Naver Pay” in June. To this end, it is forming alliances with a dozen of financial service companies.
Naver announced on March 12 that it formed partnerships with Korea’s ten major banks and credit card companies and will negotiate with them with respect to the launch of the payment service.
Naver noted that the ten financial service companies include five card companies, i.e., KB, BC, Samsung, Shinhan, and Hyundai, and five banks, including Kookmin, IBK, NH Bank, Shinhan, and Woori.
Naver plans to expand its partnerships with other financial service providers. Naver Pay, scheduled to be launched in June, is an all-in-one payment and transfer service that combines existing simple payment services such as Naver Checkout, Naver Mileage, and Naver Cash.
When users pay by using credit cards, they can use various payment methods, including payment PIN number, fingerprint recognition, and one-click payment.
by Lee Jae-seung
