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Naver Pay Introduces Mobile Transportation Payment Option

Source: Naver Financial

Seoul, South Korea — Naver Pay, the digital payment arm of South Korean internet giant Naver, launched a new mobile transportation card service.

This service lets users pay for public transportation fares using their Naver Pay Money balance.

The service, accessible on NFC-enabled Android smartphones, allows users to tap their devices on bus, subway, and taxi payment terminals for immediate payment without opening a separate application. 

Before utilizing the service, users must obtain a dedicated transportation card from Naver Pay's partner, Joy of Movement, and load funds from their Naver Pay Money balance.

The service offers no transaction fees or the retention of remaining balances under certain conditions. 

Users may charge up to KRW 90,000 (approximately $66) per transaction and up to KRW 200,000 (approximately $146) daily. 

An auto-charge feature replenishes the balance when it falls below a user-defined threshold.

Naver Pay plans to introduce promotional campaigns offering point rewards for using the mobile transportation card service. Further details will be provided later.

The advent of this service represents Naver Pay's aspiration to extend its reach into offline payment, particularly in public transportation. 

US$1=KRW1,372.38

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