NAVER Financial’s Partnership with Samsung Electronics Allows Naver Pay to Be Available at Offline Stores Nationwide
NAVER Financial’s Partnership with Samsung Electronics Allows Naver Pay to Be Available at Offline Stores Nationwide
NAVER Financial’s Partnership with Samsung Electronics Allows Naver Pay to Be Available at Offline Stores Nationwide
- NAVER Financial and Samsung Electronics have established a strategic cooperation to provide users with an improved digital experience, starting with expanding payment options and offering additional benefits.
- NAVER Pay will become available in all Samsung Pay–affiliated offline stores nationwide within the first half; Samsung Pay will become available in Smart Stores and NAVER Pay–affiliated online order-type stores
- The two companies will continue to cooperate for a more convenient digital life for users in the payment and wallet sectors.
February 20, 2023
NAVER Pay and Samsung Pay, Korea’s top two primary payment services, has now joined hands. Through a strategic partnership, NAVER Pay and Samsung Pay users will enjoy greater convenience and benefits at more online and offline stores.
[Photo] NAVER Financial CEO Park Sang-jin (left) and Samsung Electronics Executive Vice President (EVP) Han Jeanie (right) signed a business agreement to promote digital living on February 20 at NAVER 1784 in Bundang-gu, Seongnam-si, Gyeonggi-do.
NAVER Financial (CEO Park Sang-jin) signed a business agreement with Samsung Electronics (CEO Han Jong-hee, Kyung Kye-hyun) to promote users’ digital lives on February 20. The two companies will pursue a strategic partnership with the goal of enhancing users' digital convenience, beginning with payment and wallet services.
In the payment sector, NAVER Pay will become available in all Samsung Pay–affiliated offline stores by combining Samsung Pay’s magnetic secure transmission (MST) method with NAVER Pay’s quick response (QR) code–based on-site payment method. Users can choose Samsung Pay as a payment method within the NAVER Pay on-site payment screen.
Samsung Pay will also become available in NAVER Pay–affiliated online order-type stores. The NAVER Pay–affiliated online order-type stores are a type of store where the "N Pay Purchase" button is displayed on the product page among NAVER Smart Stores and independent online shopping malls. Orders are processed using NAVER's membership information with user consent. The partnership between the two companies will allow Samsung Pay users to experience Samsung Pay’s simple payment at a greater number of online stores.
The partnership will enable both services to highlight their strengths and complement each other. More specifically, NAVER Pay can broaden its presence in the offline primary payment market, while Samsung Pay can expand its reach in the online primary payment market. NAVER Pay users can also gain access to additional benefits at approximately 3 million Samsung Pay–affiliated offline stores in addition to the existing 120,000 on-site payment stores. Likewise, Samsung Pay users can access an additional 550,000 NAVER Smart Stores and other online order-type stores as new payment options.
The two companies plan to implement this agreement by the first half of the year and aim to explore new collaborative measures to enhance users' digital convenience.
NAVER Financial CEO Park said, “With this partnership, 3.15 million NAVER Pay users will experience limitless convenience, usability, and benefits through the Samsung Pay payment method at offline stores. By working with Samsung Electronics, we will introduce other measures to provide new digital life experiences to NAVER Pay users."
Han Jeanie, EVP and head of the Digital Wallet Team at Samsung Electronics’ MX Division, said, “Thanks to the collaboration with NAVER Pay, Samsung Pay users will have access to convenient mobile payment online as well. The partnership will expand the payment ecosystem and provide a better user experience.”
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