Naver Pay was launched in 2015 by South Korea’s top internet company, Naver Corporation.
Customers register their card or bank account details with the service, then use the card wallet to pay online without having to enter or reveal sensitive account information.
The importance of supporting alternative payment methods and locally preferred payments in South Korea is evident when you consider that just 64% of consumers there have a credit card.
Other e-wallets operating in South Korea include BitPay, HyperWallet, PaySera and 123.
The benefits of supporting e-wallets in South Korea
- Today, South Koreans use e-wallets to pay for roughly US$20bn of e-commerce annually.
- Between 2021 and 2025, the e-commerce market in South Korea will grow by US$122 bn.
- By 2025, South Koreans will spend an average US$4,654 each year online.
E-commerce and payments insights by country
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