Naver Corp. is extending its reach in China’s mobile payments market by partnering with Tencent Holdings Ltd.’s WeChat Pay, gaining access to more than 1.13 billion users across the mainland.
The deal makes Naver the first Korean company to integrate with all three of China’s major payment platforms – WeChat Pay, Alipay and UnionPay. Users of the company’s Naver Pay service can now scan merchant QR codes to complete transactions without installing additional apps.
The Seoul-based tech giant is offering a 10% discount on payments and points accumulation to attract users. The service automatically tops up accounts in 10,000 won ($7.50) increments when balances run low.
Naver Pay users can preview transaction amounts in Korean won before confirming payments through the merchant-presented mode system. The company began its China expansion in September 2023 through partnerships with UnionPay and Alipay Plus.
Lee Mi-young, who heads Pay Infrastructure at Naver Pay, said the company plans to continue expanding services with global mobile platforms, focusing on Korean travelers visiting China.
The UnionPay promotional discount will extend to WeChat Pay transactions through March 2024.
