Naver Pay and Samsung Pay One Year After Introduction... "Q1 Payment Amount Approaching 2 Trillion Won"

Available at 1.43 million payment locations nationwide

Naver Pay has released key metrics on the occasion of the 1st anniversary of the launch of ‘Naver Pay X Samsung Pay On-site Payment’.

According to Naver Pay on the 15th, the on-site payment service has been used at 1.43 million payment locations nationwide from its initial introduction in April last year until last month. Naver Pay’s offline payment amount in the 4th quarter of last year was 1.9 trillion KRW, and it is expected to exceed 2 trillion KRW in the 1st quarter of this year.

The payment benefits received by users have also increased. Naver Pay offers up to 50 monthly rounds of ‘Point Drawing,’ which awards points for all on-site payment transactions regardless of the payment location or amount. Last month, the total number of Point Drawing participations by users reached 28.5 million. For those who used Naver Pay on-site payment more than 50 times in a month, the cumulative point accumulation benefit amounts to 60,000 KRW.

[Photo by Naver Pay]

The introduction of the on-site payment service has also contributed to the growth of small and medium-sized merchants and card companies. Among the places where on-site payments were made over the past year, 73% were small and medium-sized businesses with annual sales under 3 billion KRW, mainly pharmacies, marts, convenience stores, and restaurants. Pharmacist Kim, who runs a pharmacy in Suwon, Gyeonggi Province, said, “Recently, the number of consumers paying with Naver Pay has increased, and they seem satisfied with the fact that they can receive point benefits,” adding, “From the merchant’s perspective, it was convenient that only a card terminal or QR code scanner was needed.”

Credit card payment amounts are also increasing. Last month, credit card payments through the on-site payment service increased by 173% compared to April last year. Accordingly, card companies such as Samsung Card and Shinhan Card are offering separate benefits like ‘One More Point Drawing When Using Naver Pay X Samsung Pay On-site Payment.’

A Naver Pay official stated, “The benefits provided to users over the past year have led to a virtuous cycle that also benefits small and medium-sized merchants and card companies,” and added, “In the future, we will enable users of mobile devices with limited Samsung Pay availability to receive benefits through QR codes and other methods.”