Seoul, South Korea - NAVER Pay recently launched its on-site QR payment service for China and Japan, focusing on UnionPay offline merchants.
The move was made with BC Card, making it the first simple payment service in Korea to connect with UnionPay.
Why It Matters
This expansion indicates NAVER Pay's ongoing strategy to expand its services beyond domestic borders and its efforts to facilitate payment options for its users.
The Key Points
- Payment method: Users can use their accumulated NAVER Pay Points or NAVER Pay Money for transactions. When the user's account balance is insufficient, it will be automatically replenished in 10,000 won units from the associated fee account.
- Service accessibility: Within the QR payment interface of the NAVER Pay application, users can select the "NPay" logo. Two transaction modes are available when the setting is set to UnionPay Mainland China/Off Mainland China. One is to scan the app-generated QR code from merchants, and the other allows users to scan the merchant's QR using the app's camera function. This payment functionality will be integrated into the core NAVER app in September.
- Merchant reach: The facility can be accessed by all UnionPay QR-affiliated merchants in China, covering a range of commercial spaces from airports to local markets. In Japan, this network covers approximately 610,000 merchants. The NAVER Pay platform has a "Where to Use" section that lists prominent merchants from both countries.
- Transaction Review: After completing a payment, users can instantly view their transaction details on the "NAVER Pay Payment History" page. Another feature is the ability to receive notifications via the NAVER Notifications Talk Talk-Naver email channel.
The Big Picture
NAVER Pay's latest developments focus on optimizing its user payment system, including international transactions.
In the words of a NAVER Pay representative, the company focuses on enabling users to use their accumulated points and funds abroad seamlessly.
In addition, as part of its growth strategy, the company has set its sights on expanding the list of countries compatible with the BC Card and UnionPay's universal payment infrastructure by the end of the year.