South Korea’s largest Web portal operator Naver launched a new online payment service Naver Pay on Thursday, which the company said would become a “game changer” in the domestic online payment industry.
Similar to other online and mobile payment services already out in the market — such as Kakao Pay run by Web portal and mobile messenger firm Daum Kakao — users have to register data of their credit cards or bank accounts on Naver Pay once, and then they can pay for their purchases through a simple identification process using a 6-digit PIN.
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| A screenshot of payment system Naver Pay |
Naver has deployed layers of security measures to protect information of users on the payment system: encryption of personal and financial data, use of virtual credit card numbers, and a big data-based fraud detection system that identifies unusual purchasing patterns of users.
Vowing to work together with financial authorities and police, the company said it would operate support centers round-the-clock to receive reports for possible fraud cases from users and runs programs to fully compensate scam victims.
Naver will join forces with 14 banks and credit card firms to promote the new payment service.
Users of Samsung Card, Shinhan Card and Hyundai Card will be able to use Naver Pay services from Thursday, and those who have accounts at five banks — including Woori Bank and Industrial Bank of Korea — can use money transfer services on the online payment system.
“Naver Pay, which incorporates the most convenient features of online payment services, will improve users’ online and mobile experience,” an official from the Web portal said.
The number of online shops that have partnered with Naver for the payment service increased to 53,000 this month from 40,000 in January.
By Kim Young-won (wone0102@heraldcorp.com)
