Naver Financial has announced the integration of Samsung Pay into the Naver Pay app, enabling users to make payments and earn rewards at nearly 3 million offline merchants in South Korea.
The Magnetic Secure Transit (MST)-based Samsung Pay service will allow users of the Naver Pay app to make payments by swiping their smartphones through MST terminals.
Users can access Samsung Pay from the Naver Pay app by selecting a credit or debit card and swiping their smartphone. A Samsung Pay widget is also available for one-touch payments.
In the year’s first half, Samsung Pay will be further integrated into the Naver app for in-person payments.
Naver Financial has extended its “double points” benefit for Naver Pay in-person payments to all offline merchants that accept Samsung Pay.
Users can earn two points for every Samsung Pay payment made through the Naver Pay app, with rewards ranging from KRW 1 to KRW 20,000.
Naver Plus members and Naver Pay Money Hana Passbook users can earn up to four times as many points.
As a special offer through April 30, users can earn 2,000 Naver Pay points instantly when they pay KRW 2,000 or more using Samsung Pay on the Naver Pay app.
A “point roll” event will also award 100 randomly selected users 100 times the random points, up to a maximum of KRW 50,000.
Recently, Apple Pay has seen an explosion of subscribers in the South Korean market despite the limited number of NFC-based payment terminals.
Meanwhile, Samsung Pay and Naver Pay are trying to defend the market.
It will be interesting to see how their market expansion will turn out.
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Apple allows 3rd party payments in S. Korean AppStore.
