[WORLDKINGS] World Best Academy - Naver Pay (South Korea): Most used e-payment service in South Korea


(WorldKings.org) According to a survey by Rakuten Insight on e-payment usage, the favorite e-payment service among South Korean respondents was Naver Pay, chosen by over 53 percent of respondents as of 2020.



Naver Pay is a mobile payment service launched by Naver Corporation, is a multinational technology company headquartered in Seongnam, South Korea that operates the Korean search engine Naver.

It is Naver's second mobile payment service after Line Pay, which was launched by Naver's Japanese subsidiary, Line Corporation in 2014.



Naver Pay was launched on June 25, 2015 with support for 14 banks and 3 credit card companies as well as 53,000 member stores. The service allows both mobile payment services through the app and online checkout for online shopping similar to PayPal.



As a possible scenario, NAVER Pay users from Korea can use their NAVER Pay app to make purchases at LINE Pay affiliates in Japan. During their trip, Korean travelers can feel at home, shopping with their usual NAVER Pay account balance that they use to make day-to-day purchases, and eliminate the hassle of having to buy yen or use other payment options just for their trip.



In these day, NAVER Pay is Korea's leading mobile payment service provider with the largest number of users. 30 million people, or 58% of Korea's total population, use NAVER Pay to make mobile payments, averaging a total of 38 million payment transactions a month.


According to Statista; en.wikipedia and linecorp.com 



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