![]() Naver Pay plans to enlarge its scope of offline payment, and Samsung Pay aims to counter Apple Pay's entry into the Korean market by raising Samsung Pay's accessibility to a wider range of transactions.Īpple Pay succeeded at earning final authorization from the Financial Services Commission (FSC), the country's top financial regulator, for its business in the Korean market in early February. Market watchers see the two firms' partnership as possible because of shared interests in expanding cooperation. Vice versa, Samsung Pay users can now make transactions with it in over 550,000 Naver Pay-affiliated online stores. With the two mobile payment providers' cooperation in payment and digital wallet services, a whopping 31.5 million Naver Pay users can make payments with their cell phone at any store that accepts credit card payments, using magnetic secure transmission (MST), a key technology behind Samsung Pay's offline mobile payment. Official logos of Samsung Pay and Naver Pay / Courtesy of Samsung Electronics The partnership between the two top mobile payment players in each domain ― Naver Pay being the number one online payment service company and Samsung Pay being the top offline mobile payment service with 23.5 percent market share in the country ― is expected to create synergy, resulting in increased convenience for service users. It is the first time for Samsung Pay to join hands with financial companies, other than Samsung Card. ![]() ![]() With Apple Pay's imminent launch in Korea, Naver Pay and Samsung Pay formed a strategic partnership earlier this week to consolidate their current dominance over the mobile payment market in the country, a move seen as an alliance to keep Apple Pay's potential growth in local markets in check.
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