Naver, South Korea’s leading internet portal, is eyeing a possible mobile wallet launch through Band, its social networking service, in the near future, reported The Korea Herald.
The company confirmed it is considering the move but said it is has not decided whether to proceed, or put in place a timetable for such a launch.
Sources say Naver is considering a deal between Band and Yellow Mobile, a local provider of financial transcaction services. Such a partner is needed to enable the transfer of small amounts of cash between users.
Naver is also the parent of LINE, the free messaging app, but considers Band more appropriate for money services because it puts more emphasis on group interaction.
The news follows the proposed move by Kakao, another South Korean online firm with a hugely popular messaging app, into mobile money.
Kakao is planning two services. One is P2P money transfer, as well as enabling users to buy products through its messaging app. A launch is thought to be pencilled in for September.