In South Korea, Samsung Pay and Naver Pay are considered the main leaders of mobile payment providers. Just recently, the tech firm Apple announced that it is going to introduce Apple Pay service to consumers in South Korea. The company announced that it will collaborate with Hyundai Card [South Korean company] to introduce Apple Pay into the region. It seems like now that the native companies have begun to take action against this recent step by Apple. Reportedly, Samsung pay and Naver Pay have joined hands to strengthen their position in the local market of South Korea.
A new business agreement was signed between Samsung Electronics and Naver Financial. The mutual agreement includes the promotion of mobile payment experiences. Both companies are intended to introduce convenient digital payment services for their consumers. Several online merchants in South Korea have support for Naver Pay. Reportedly, Naver Pay Store has almost 550,000 businesses on the platform. Due to this partnership, consumers of Samsung Pay will be able to enjoy extended services.
Similarly, Naver Pay will also be fetching benefits from this deal. It will be given access to offline payments via Samsung Pay’s MST network. The service will be available across all offline merchants that have support for the Samsung Pay platform across the region.
We can say that Samsung Pay is going to receive a strong online presence via this agreement. And Naver Pay will receive more ground in offline retail spaces. It appears like a win-win situation for both companies. According to the CEO of Naver Financial, the partnership with Samsung will enable 31.5 million users of Naver Pay to benefit from Samsung Pay. They can now enjoy online as well as offline services.
By the end of 2022, Samsung pay and Naver Pay were listed among the three major mobile provider companies in South Korea. Kakao pay was at the top of the list. Well, it is uncertain when exactly Apple introduces its service in South Korea.
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