Naver Pay Launches Offline Terminal, Eyes Global Expansion
Seoul, South Korea - Naver Pay announced on Thursday that it will launch an offline payment terminal and pursue international expansion.
The company announced that the "CONNECT" terminal will be released before the end of the year.
The device will accept cash, cards, QR codes, magnetic secure transmission, near-field communication, and facial recognition payments.
Merchants can integrate the terminal through software updates to existing systems.
Naver Pay reported a cumulative transaction volume of KRW 328 trillion over its ten years of operations.
The platform processes 13 billion transactions annually and handles 25,000 transactions per minute, according to company figures.
The company stated that 85 percent of South Koreans aged 20 to 60 have utilized its payment services. Chief Executive Park Sang-jin spoke at a media event in Seoul's Jongno district.
Naver Pay's fraud detection system blocked KRW 3 trillion in unauthorized payments this year.
The company's after-hours payment feature processed KRW 120 billion during bank maintenance periods over the past year.
The company launched two services using artificial intelligence technology. "AI House Finding" recommends real estate properties based on text inputs.
"Money Briefing" displays information about users' financial assets, including pensions, stocks, loans, and real estate holdings.
Naver Pay operates an alternative credit scoring system called "Npay Score" that analyzes 30,000 data points from 73 million records.
Users who scored through this system had approval rates 20 percentage points higher and default rates 1.4 percentage points lower than those using conventional methods.
Thirty percent of users on the loan comparison platform received improved rates and credit limits.
The company stated that it will participate in South Korea's won-denominated stablecoin development once regulations are established.
Naver Pay operates a digital asset wallet and has issued non-fungible token tickets for sporting events.
Cho Jae-park, Vice President of Financial Services, said the company aims to connect users with financial products.
The platform serves 3 million merchants through its business services division.
Naver Pay plans to expand payment infrastructure to the United States, the Middle East, Japan, Southeast Asia, and Europe.
The company's systems use databases across multiple data centers and connect to banks, insurance companies, credit card firms, and securities companies through Naver Cloud services.
Technical infrastructure includes redundant databases and cloud connectivity to financial institutions.
CTO Lee Seung-bae stated that the company received 200 proposals for artificial intelligence services from its employees.