As a result of the strategic cooperation, Naver Pay and Samsung Pay users will have access to various online and offline payment destinations.
Naver Financial and Samsung Electronics have signed a business agreement allowing Naver Pay to be available at offline merchants nationwide.
The two companies will cooperate to promote a strategic partnership in the payment and wallet sectors.
NaverPay’s MST payment method will be added to its existing QR payment-based on-site payment service, making NaverPay available at offline merchants nationwide accepting Samsung Pay.
In the on-site payment section of NaverPay, customers can select the payment method of Samsung Pay.
Samsung Pay users will experience the benefits of using NaverPay at the approximately 3 million offline merchants that accept payments made with Samsung Pay.
Samsung Pay users can start paying at order-based merchants, including the 550,000 Naver Smart Stores.
The two companies plan to promote this cooperation within the first half of this year and introduce it to their respective services.
They will continue exploring new ways to work together to help revitalize users’ digital lives.
“Through this cooperation, the 31.5 million Naver Pay users can now experience the convenience, ease of use, and benefits of Samsung Pay at almost every offline payment destination nationwide,” said Park Sang Jin, CEO of Naver Financial.
Working with NaverPay, Samsung Pay users can enjoy convenient mobile payments online and offline,” said Han Jini, Vice President of the Digital Wallet Team, MX Business Division, Samsung Electronics.
The two companies’ cooperation will expand the mobile payment ecosystem and enhance user experience.
Some have speculated that the move could be made to pre-empt Apple Pay, which is expected to launch in South Korea in the first half of this year.
With two operators with strong online and offline presences joining forces, Apple Pay is expected to struggle in South Korea.