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[Alpha Biz=(Chicago) Reporter Paul Lee] Through this alliance, Naver Pay plans to increase its market share in the offline simple payment market and boost financial services it provides.
According to Naver Financial on the 22nd, offline Samsung Pay payments through the Naver Pay app will be implemented next week. The alliance in the online sector has already begun.
Starting this day, all Naver Pay online merchants, including 550,000 Naver Smart Stores, will support Samsung Pay payments. If you click "General Payment" at an online merchant, the "Samsung Pay" menu will appear separately.
What Naver Pay expects is an alliance in the offline area. Previously, if you wanted to make offline simple payments with Naver Pay, you had to use the QR code that appears on the Naver Pay app.
But in the future, apart from the QR code, there will be a 'Samsung Pay' button in the Naver Pay app. If you press this button to go to the Samsung Pay payment screen, you can pay with Naver Pay at all offline stores in Samsung Pay.
Naver Pay expects offline simple payment transactions to increase in alliance with Samsung Pay. Out of 13.2 trillion won in payments made in Naver's fintech sector, including Naver Pay, offline payments amounted to 680 billion won, or 5.15 percent.
The reason for the poor performance offline is the lack of merchants that support Naver Pay payments. As of the end of December last year, Naver Pay had 120,000 offline stores, accounting for only 4.29% of the total 2.8 million card stores.
On the other hand, since Samsung Pay can be paid at all card stores, Naver Pay is expected to increase the number of franchises to 2.8 million through this alliance.
AlphaBIZ 폴리(hoondork1977@alphabiz.co.kr)
