S. Korean Internet giant to launch 'Naver Pay' in June

Park Sae-jin Reporter() | Posted : March 13, 2015, 16:34 | Updated : March 13, 2015, 16:34

 

South Korean Internet giant Naver said Thursday that it will launch a new electronic payment service in June in partnership with 10 card companies and banks.

The service, dubbed "Naver Pay," enables users to pay for products they searched for on Naver, the country's largest portal site, and transfer money with their IDs.  

The company said it has built partnership with five card companies, KB Kookmin, BC, Samsung, Shinhan and Hyundai; and five banks, Kookmin, Industrial Bank of Korea, Nonghyun, Shinhan and Woori.

Naver said it plans to expand partnership with other financial institutions in a steady manner.

"Naver Pay" is a combination of the company's current services, "Naver Check Out," "Naver Mileage" and "Naver Cash."
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