More Than 50% of Koreans Enjoy NAVER Pay Point Rewards, with Over 6 Million Users Saving Above KRW 50,000 Annually
More Than 50% of Koreans Enjoy NAVER Pay Point Rewards, with Over 6 Million Users Saving Above KRW 50,000 Annually
More Than 50% of Koreans Enjoy NAVER Pay Point Rewards, with Over 6 Million Users Saving Above KRW 50,000 Annually
- Last year, around 26.7 million users benefited from accumulating points through NAVER Pay’s online and offline payments, with 6.3 million saving over KRW 50,000
- Attributable to the launch of the NAVER PayXSamsung Pay on-site payment service … also benefiting SMEs
- NAVER Pay plans to increase useful point benefits by enhancing communication through initiatives like Point Lab
January 15, 2024
About 26.7 million users enjoyed the perks of accumulating NAVER Pay points, out of which 6.3 million achieved substantial savings exceeding KRW 50,000.
NAVER Pay (CEO Park Sang-jin) reported that approximately 26.7 million users, over half of Korea’s population, experienced benefits from both online and offline NAVER Pay transactions. Of these beneficiaries, 14.5 million, or 54%, accumulated more than KRW 10,000 in points in 2023. Furthermore, the number of users saving over KRW 50,000 annually increased by 10% to 6.3 million compared to 2022.
The NAVER Pay X Samsung Pay on-site payment service based on magnetic secure transmissions (MST) and introduced last March, played a pivotal role in this growth. About 400,000 users enjoyed over KRW 10,000 in benefits from on-site payments in 2023, marking a significant 180% increase from the previous year. Within this group, 140,000 users (or 35%) exclusively accumulated over KRW 30,000 through on-site payments alone.
The introduction of NAVER Pay X Samsung Pay on-site payment expanded NAVER Pay’s accessibility to over 3 million stores across the nation. This expansion notably included small and medium-sized enterprises (SMEs) such as restaurants, local grocery stores, cafes, and pharmacies, sectors previously overlooked in financial product payment rewards. Expanding users’ reward experiences through features like point draw enhances the noticeable benefits for users. Remarkably, 73% of these points in 2023 were earned at small businesses, significantly boosting their marketing and sales.
Furthermore, NAVER Pay’s partnerships with Alipay Plus and UnionPay since September last year have facilitated QR payments in 65 countries and regions globally. The November launch of the “NAVER Pay MoneyCard” enables the use of NAVER Pay Money and Points as a physical card worldwide, promising to amplify these benefits even further.
Recently, NAVER Pay introduced the “NAVER Pay Point Lab,” an open talk forum, to directly solicit user feedback on benefits and utilize it as a dynamic channel for communication, announcing various events and new services. Since its inception in late December, the Point Lab has attracted 490,000 participants as of January 10.
A NAVER Pay spokesperson emphasized the company’s commitment to making point accumulation accessible in everyday life, regardless of the size or location of the payment point. They assured that NAVER Pay would persist in developing diverse, tangible benefits for its frequent users.
