Naver Pay, the companys payments processing subsidiary, allows users to pay for an item online only with their Naver IDs, unlike existing mobile payment tools offered by other financial and IT firms that usually require multiple procedures for ID verification, koreaherald.com reports.
This is possible once users have bank account or credit card details registered with Naver. Apart from the payment service, the tool also offers a tracking system for deliveries and refunds, since Naver Pay has integrated Navers existing check-out platform. The launch of the mobile payment platform came as Navers ongoing mobile-related business agenda, given spiking demand in the country, where over 75% of the population own a smartphone.
Naver is also expected to vie with Samsung Electronics Co. in the battle for the mobile payment market, as the electronics manufacturer will launch Samsung Pay in September, 2015. Naver said it has partnered up with 14 local banks and credit card firms to provide the payment service, and plans to add more. Naver currently has 53,000 member stores that are contracted to provide customers with Naver Pay.
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