South Korea’s leading internet portal Naver launched a mobile payment service for e-commerce transactions, in line with an earlier announcement of a June launch.
According to The Korea Herald, Naver Pay enables users to pay for goods online by using only their Naver ID, having previously registered their credit card or bank account with the portal.
Naver is the parent of Japan’s LINE which launched its own payment service called LINE Pay.
In addition to payment authentication, Naver Pay boasts a tracking system for deliveries and refunds through an integration with the company’s checkout system.
Naver said it has partnered with 14 local banks and credit card firms to provide the payment service. And it has plans to add more in the future.
Rival Daum Kakao launched a mobile wallet, in partnership with Korea Financial Telecommunications and Clearings Institute (KFTC) and 16 local banks, at the end of last year.