Naver Pay, WeChat Partner to Enhance Virtual Payme
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Posted On: 12/30/2024 4:38:04 PM
Naver Pay, WeChat Partner to Enhance Virtual Payments in China
South Korean mobile payment provider Naver Pay has partnered with Tencent’s WeChat to facilitate virtual payments in China. Operating under tech giant Naver Corp, Naver Pay already has deals with Alipay Plus as well as UnionPay, which grants virtually all merchants access to its QR payment services.
The partnership between WeChat and Naver Pay will now allow millions of Chinese customers and merchants to make mobile payments with the South Korean company’s digital wallet and mobile pay service using QR codes. According to Naver, this partnership makes it the first South Korean firm to avail online transaction and QR payment services with WeChat Pay.
Also referred to as Weixin Pay in its home market, WeChat Pay is integrated into WeChat and is the largest online payment service in China with over 1.13 billion active users. Gaining access to a market of more than a billion potential customers is a major win for Naver Pay and could be a catalyst for significant growth over the next few years.
Naver Pay began providing QR payment services in China in September 2023 through Alipay Plus and UnionPay. However, the recent deal means Naver Pay will be available to nearly every Chinese merchant that uses QR payments. According to Naver, customers who use WeChat Pay through the Naver Pay platform will be awarded a 10% discount.
Customers pay using QR codes by using their mobile phone cameras to scan a merchant-provided code. As WeChat uses a similar system to facilitate QR code payments, customers can use the Naver Pay app to scan a WeChat Pay payment QR code, provide payment details, and complete the transaction. The payment is then deducted from their Naver Pay balance or points.
Naver Pay users can also use the app to check their payment amounts in Korean Won before completing their transactions. The current 10% discount is a no-conditions program, Naver Pay says, and the South Korean payment platform will run the program alongside UnionPay until March 2025. This discount will be applied to payments made using WeChat QR while it is still active.
In addition to the discount, WeChat Pay users will also have access to extra benefits, such as stamp rewards, if they use the Naver Pay QR Payment service. Naver Pay’s Head of Pay Infrastructure & Business, Lee Mi-young, says that QR codes are one of the most popular payment methods among Chinese consumers and homes. Naver Pay will simplify travel-related payments for South Koreans visiting China.
With Naver Pay throwing its hat into the ring in the Chinese mobile payment space, existing players like FingerMotion Inc. (NASDAQ: FNGR) have to up their game if they are to keep growing their market share.
Please see full terms of use and disclaimers on the ChineseWire website applicable to all content provided by CW, wherever published or re-published: https://www.ChineseWire.com/Disclaimer
South Korean mobile payment provider Naver Pay has partnered with Tencent’s WeChat to facilitate virtual payments in China. Operating under tech giant Naver Corp, Naver Pay already has deals with Alipay Plus as well as UnionPay, which grants virtually all merchants access to its QR payment services.
The partnership between WeChat and Naver Pay will now allow millions of Chinese customers and merchants to make mobile payments with the South Korean company’s digital wallet and mobile pay service using QR codes. According to Naver, this partnership makes it the first South Korean firm to avail online transaction and QR payment services with WeChat Pay.
Also referred to as Weixin Pay in its home market, WeChat Pay is integrated into WeChat and is the largest online payment service in China with over 1.13 billion active users. Gaining access to a market of more than a billion potential customers is a major win for Naver Pay and could be a catalyst for significant growth over the next few years.
Naver Pay began providing QR payment services in China in September 2023 through Alipay Plus and UnionPay. However, the recent deal means Naver Pay will be available to nearly every Chinese merchant that uses QR payments. According to Naver, customers who use WeChat Pay through the Naver Pay platform will be awarded a 10% discount.
Customers pay using QR codes by using their mobile phone cameras to scan a merchant-provided code. As WeChat uses a similar system to facilitate QR code payments, customers can use the Naver Pay app to scan a WeChat Pay payment QR code, provide payment details, and complete the transaction. The payment is then deducted from their Naver Pay balance or points.
Naver Pay users can also use the app to check their payment amounts in Korean Won before completing their transactions. The current 10% discount is a no-conditions program, Naver Pay says, and the South Korean payment platform will run the program alongside UnionPay until March 2025. This discount will be applied to payments made using WeChat QR while it is still active.
In addition to the discount, WeChat Pay users will also have access to extra benefits, such as stamp rewards, if they use the Naver Pay QR Payment service. Naver Pay’s Head of Pay Infrastructure & Business, Lee Mi-young, says that QR codes are one of the most popular payment methods among Chinese consumers and homes. Naver Pay will simplify travel-related payments for South Koreans visiting China.
With Naver Pay throwing its hat into the ring in the Chinese mobile payment space, existing players like FingerMotion Inc. (NASDAQ: FNGR) have to up their game if they are to keep growing their market share.
Please see full terms of use and disclaimers on the ChineseWire website applicable to all content provided by CW, wherever published or re-published: https://www.ChineseWire.com/Disclaimer
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