Asia Express - Consumer Electronics
Samsung Pay, Naver Pay Team Up for Mobile Payment Plan
February 24, 2023

Samsung recently announced that its Samsung Pay has teamed up with Naver Pay, one of the leading South Korean mobile payment providers, in anticipation of Apple Pay's arrival to Korean financial market this year, the Commercial Daily reported on February 22. Under the tie-up, Samsung Pay users will be able to make payments through Samsung Pay at online merchants that support the Naver Pay platform. In return, 31.5 million Naver Pay users can gain access to benefits of Samsung Pay, online and offline. The Netizen Profile Research Summary in April 2022 indicates that the top-3 mobile payment service providers in Korea are Naver Pay (75%), Kokao Pay (64.1%), and Samsung Pay (37.7%), according to MIC (Market Intelligence & Consulting Institute), one of the leading research institutes in Taiwan. As of the end of 2022, although there is an increasing number of Taiwanese consumers to pay using mobile payment (70.6%) at online and offline merchants across all age groups, credit card/debit card (73.4%) and cash (73.2%) still remain the most commonly used payment methods in Taiwan.