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[Apha Biz=(Chicago) Reporter Paul Lee] Naver Pay surpassed 1.5 million monthly active users (MAU) in six months after Samsung Pay was linked.
According to the mobile index, Naver Pay MAU reached about 1.52 million in September, exceeding 1.5 million for the first time since the app was released. It grew about 117% compared to about 700,000 people a year ago in September 2022, and is about 6% higher than April when it started collaborating with Samsung Pay.
According to Naver, Naver Pay's offline payments in the second quarter of this year more than doubled year-on-year to KRW 1.4 trillion as MST·QR on-site payments were activated with Samsung Pay. They say that the total size of the business is growing, focusing on offline payments that have been vulnerable.
If the trend continues, the portion of Naver Pay's offline payments, which was about 50 trillion won as of last year, is expected to more than double this year. Kakao Pay (118 trillion won in annual transactions in 2022), which is considered a competitor, is expected to grow to a level close to 25% of offline payments.
Naver Financial and Samsung Electronics linked Samsung Pay to Naver Pay on-site payment in April this year.
While Naver Pay and Samsung Pay form a united front, the spread of Apple Pay has slowed down. The main reason is that the rest of the credit card companies, which were expected to join after Hyundai Card, are still not participating.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
