Competition in digital wallet markets such as Samsung, Apple, Naver, Kakao, and Hyundai Motor is intensifying
This article is translated by AI company Flitto and Alhpa Biz neural machine translation technology
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stockmk2020@alphabiz.co.kr | 2023-02-23 07:28:51
[Alpha Biz=(Chicago) Reporter Kim Jisun] While Samsung Pay and Naver Pay are leading in an alliance, Kakao Pay is considering various possibilities to differentiate its services. Meanwhile, manufacturing and distribution businesses such as Hyundai Motor Co. and Coupang Carrot Co. also entered the Payro market, marking the beginning of "Pay Power."
According to Samsung Electronics on the 22nd, Samsung Pay and Naver Pay officially announced their strategic cooperation on the 20th of this month. In the first half of the year, Samsung Pay is trying to expand its scope to the online and Naver Pay to the offline payment market.
Samsung Pay users can make online payments directly from Naver Pay's online on-demand franchises, including 5.5 million Naver Smart Stores. In addition, Naver Pay users can purchase products from 10 million offline merchants who can pay with Samsung Pay by uploading their smartphones to their self-security transmission terminals.
Considering that Apple and Hyundai Card announced the "Simple Payment Alliance" about three weeks after officially launching Apple Pay in Korea, the prevailing view is that these alliances may have been aware of Apple Pay.
CEO Pay Kakao Pay is also considering strategies such as promoting advanced services. Kakao Pay, like Naver Pay, has been providing offline payment services since 2018. Recently, it is focusing on securing overseas offline payment franchises such as Japan and China.
Hyundai Motor announced on the 10th that it will enter the simple payment market by applying for the "Hyundai Pay" trademark to the Korean Intellectual Property Office. Although Hyundai Motor has not entered the financial industry in earnest, it plans to use Hyundai Pay through collaboration with its affiliates in areas where vehicle payments are possible in the future.
In addition, Coupang, an e-commerce company, launched Coopy, a simple payment service, as an independent corporation in 2016, and spun off Coupang Pay as a fintech division in 2020. Carrot Market, a used trading platform, also launched Carrot Pay, a regional-based simple payment service, last month.
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