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NaverPay's Transformation into a Financial Platform

Source: Naver Corp

Seoul, South Korea - NaverPay, a leading payment and fintech service of Naver Financial, is radically transforming into a comprehensive financial platform that aims to expand new horizons in finance through innovative technology.

Park Sang-jin, CEO of Naver Financial, announced the move at TeamNaver's Dan23 conference on August 24.

Why it matters

NAVER Pay's move to lead the mobile payments market in South Korea, alongside Kakaopay and Samsung Pay, is a good indicator of where this market is headed.

This is particularly significant, as this is the conference where NAVER is announcing its broad application of AI.

The Key Points

A. NaverPay's transformation into a comprehensive financial platform

Evolution from a simple payment service:

  • Brand identity: Unveiling a new logo that reflects the values of technology and innovation.
  • Expansion Strategy: Become more than a payment service by focusing on technology and user value.

Roadmap for expansion:

  • Alternative Credit Scoring: Enhance ACS with unique data-driven technology.
  • Financial product comparison: Provide optimized recommendations based on user needs.
  • Strengthen linkages: Link NaverPay securities and real estate information with financial services.

NaverPay InterPay Reorganization:

  • Integration: Merge payment, financial products, securities, and real estate services.
  • Focus on user journey: Create a comprehensive user experience from search to subscription and management.

B. Highlights of the new strategy include

  • User reach: NaverPay has 33 million payment members, 10 million "My Assets" registrants, and 19 million securities and real estate members.
  • NaverPay Securities and Real Estate: Enables direct stock orders and rental guarantees for more than 10 million monthly active users.
  • Exploration of generative AI applications: Naver aims to integrate its generative AI into financial services, exploring options such as real estate inquiries through its AI search, CUE.
  • Expanding payment services: Collaborating with AliPay Plus, BC Card-UnionPay, Samsung Pay MST, and launching an exclusive prepaid card.

The Big Picture

NaverPay's transformation represents a significant shift in the financial landscape, leveraging technology to break new ground in financial services.

This transformation is underpinned by Naver's commitment to innovation, technology, trust, and value.

The new roadmap offers a glimpse into the future of finance, characterized by tailored user experiences and creative applications of artificial intelligence.

By focusing on the needs of its users, partners, and financial companies, NaverPay aims to pioneer new ways of creating value in finance.