Latest news with #NaverPay
Yahoo
01-07-2025
- Business
- Yahoo
South Korean Exchange Upbit to Work on Won Stablecoin With Naver Pay: Report
South Korean cryptocurrency exchange Upbit is working with payments company Naver Pay to promote a won (KRW) stablecoin initiative, KBS reported, citing an unidentified official from Dunamu, Upbit's parent company. The two companies are pursing a payments business based on the stablecoin, the official said, although details remain sparse. A stablecoin is a crypto token whose value is pegged to a real-life asset such as the dollar or gold. "We will specify the scope and methods of cooperation as soon as the relevant system is established," the official told KBS. Korea's crypto-friendly president, elected at the beginning of June, has said he supports a "won-based stablecoin market," a stance that earlier this week spurred the Bank of Korea to halt plans to roll out a central bank digital currency (CBDC). A KRW stablecoin is likely to be an important event for local crypto traders, who have grappled with restrictions around moving KRW in and out of the country. That's led to a large spread and arbitrage opportunities, the trade that pocketed FTX founder Sam Bankman Fried his first notable wealth. The spread between South Korean and U.S. exchanges has often been labeled as the "kimchi premium." The roll out of a KRW stablecoin, as long as it is tradable on-chain, would mean that traders can simply swap that stablecoin for USDT or USDC, bypassing fiat restrictions in the region and essentially ironing out any significant spreads in price. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arabian Post
01-07-2025
- Business
- Arabian Post
Naver Pay and Upbit Unite on KRW Stablecoin Payments
Naver Pay is spearheading an initiative to introduce a South Korean won–pegged stablecoin, with Dunamu—the operator behind Upbit—providing technical and operational support, launching a bold push into blockchain-based payments. The payment platform officially disclosed its intent to enter the won stablecoin space on 26 June. Today, Dunamu confirmed its support for the project, emphasising that Naver Pay will lead, while Dunamu ensures robust backend assistance. Detailed structures and issuance responsibilities remain under review pending regulatory approval. Stablecoins, digital tokens pegged 1:1 to the Korean won, promise minimal price volatility. Such stability makes them suited for everyday transactions and value storage. Naver Pay aims to cultivate an ecosystem that includes a consortium of financial institutions, tech partners, and regulatory consultation to ensure comprehensive infrastructure, covering issuance, redemption, reserves, wallet services, custody, and integration with existing payment rails. ADVERTISEMENT This partnership coincides with broader momentum in the stablecoin arena. Eight major South Korean banks are collaborating through a joint venture to issue their own won-pegged token, targeting a launch by late 2025 or early 2026, contingent on regulatory clarity. Simultaneously, the Financial Supervisory Service supports these initiatives, signalling growing institutional endorsement. On the legislative front, the National Assembly is considering the Framework Act on Digital Assets, which outlines provisions specific to KRW stablecoins. This follows advocacy within the Democratic Party for formal recognition of stablecoins as legitimate mediums of payment, underscoring their strategic importance in national finance. Regulators like the Bank of Korea maintain a cautious stance toward non-bank stablecoin issuers, particularly fintech firms, reflecting concerns over financial stability and reserve transparency. At present, the central bank continues to advance its own CBDC project, but no formal decision has been made to integrate these private-sector stablecoins into national payment systems. Naver Pay's scale positions the platform as a potential game‑changer. With access to Naver's vast user base—spanning search, e‑commerce, messaging, webtoons and fintech—the stablecoin could gain rapid consumer acceptance. Meanwhile, Dunamu brings its deep expertise in digital asset technology and compliance, as evidenced by Upbit's leading position in South Korea's exchange market. International regulators are also focusing on stablecoin frameworks. In the US, the Senate passed the Genius Act on 17 June, indicating growing legislative momentum. Against this backdrop, South Korea's regulators are keen to streamline stablecoin governance, striking a balance between innovation and consumer protection.
Korea Herald
08-06-2025
- Business
- Korea Herald
Naver Pay's overseas QR payments soar amid travel boom
Internet giant Naver's payment platform Naver Pay said Sunday its overseas QR payment service is experiencing explosive growth as more Korean travelers opt for digital wallets abroad. The transaction volume for its overseas QR payment service surged by 70.7 percent in the first quarter compared to the previous quarter, the platform operator said. The spike is largely driven by a sharp increase in Korean tourists using the service in Japan, China and Thailand, the operator added. The number of new overseas users rose by 67 percent on-quarter, signaling a shift in consumer behavior as contactless payments become a norm among young travelers. Naver Pay's integration with PayPay, Japan's leading QR payment network, expanded the number of affiliated merchants by nearly 3 million, significantly boosting usage. Popular retail chains like Don Quijote and Sugi Pharmacy saw sustained increases in Naver Pay transactions. In China, Naver Pay remains the only Korean mobile wallet partnered with all three major local platforms — WeChat Pay, UnionPay and Alipay Plus — enabling seamless usage across most of the mainland. In May alone, transaction volume in China rose 40 percent compared to April. Notably, the number of users in their 20s more than doubled, with high activity concentrated in youth-frequented destinations such as Shanghai Disneyland, Darunfa Mart and Sunrise Duty-Free. Thailand also showed a strong performance, with QR payment volumes increasing 26 percent in May from April, especially in major tourist hotspots. Currently, Naver Pay supports QR payment in 65 countries and regions, the most extensive overseas coverage among all Korean digital payment platforms.
Korea Herald
02-06-2025
- Business
- Korea Herald
Samsung Pay suffers 3-hour outage during Monday rush hour
Samsung Pay, the most widely used mobile payment system in Korea, experienced a widespread outage that lasted over three hours on Monday morning, leaving users unable to make payments during peak commuting hours. According to Samsung Electronics, the service disruption began around 7 a.m. and continued into the late morning, with users reporting intermittent failures when attempting to make payments using the app. However, transportation cards registered within Samsung Pay that utilize near-field communication remained functional. Other digital payment services linked to Samsung Pay, such as Naver Pay X Samsung Pay, continued to operate normally -- prompting industry watchers to suspect a server issue within Samsung Wallet. This key platform underpins Samsung Pay's infrastructure. 'The issue appears to be sporadic, affecting only some users,' a Samsung Electronics official said. 'We are currently identifying the cause and working to restore full functionality as soon as possible.' In a notice issued by Samsung Wallet's operations team, the company confirmed the error, stating: 'We are aware of an issue affecting card payments and are working to resolve it swiftly.' Launched in Korea in August 2015, Samsung Pay has grown into the country's most widely used mobile payment service. As of March last year, the platform had surpassed 17 million domestic subscribers and recorded over 300 trillion won ($217.6 billion) in accumulated transaction volume. Frustrated users took to social media to voice their concerns. "Couldn't pay for my coffee this morning because Samsung Pay was down," one post read. Others warned, "If you're using Samsung Pay, don't forget to carry your physical card," and "Customers left the store without paying." At around 10:22 a.m., Samsung issued an additional notice stating that the issue causing errors during card payment and registration had been resolved. The company added, "Service is now operating normally," and apologized for any inconvenience caused. This marks the second recent incident for the service. On May 16, Samsung Pay experienced a brief disruption due to a network equipment failure, though that issue was resolved within three minutes.
Korea Herald
26-05-2025
- Business
- Korea Herald
Netflix-Naver, Tving-Baemin? Streaming wars take new shape
As competition for subscribers intensifies, streaming services in Korea resort to hybrid models South Korea's streaming services have realized that their survival hinges on more than just offering compelling content -- platforms are increasingly turning to strategic brand partnerships to combat subscriber churn and fuel growth. Korean streaming platform Tving is set to unveil a bundled membership offering in collaboration with Baedal Minjok, the nation's top food delivery app, starting June 2. The combined membership, which marks the first time for a Korean streaming service to partner with a food tech company, merges Baemin Club's paid subscription benefits -- free delivery, exclusive coupons and discounts -- with Tving's ad-supported standard tier. Subscribers to Baemin Club will now be offered access to Tving's ad-supported plan at an extra cost of 3,500 won ($2.50) per month. Tving's ad-supported plan, which costs 5,500 won on its own, allows users to watch Tving content with intermittent ad breaks. Meanwhile, Coupang Play is also gearing up to launch South Korea's first free ad-supported streaming service this June. Under the new model, Coupang members will gain free access to Coupang Play's content library in exchange for viewing pre-roll and mid-roll advertisements. The new model grants regular Coupang members access to both Coupang and Coupang Eats delivery services, as well as to Coupang Play's ad-supported plan. This shift toward hybrid models, as well as a pioneering move to waive monthly fees, comes after Netflix's collaboration with Naver, which debuted last November. The partnership, branded as the Naver Plus Membership (4,900 won), gives subscribers free access to Netflix's ad-supported tier, along with bonus Naver Pay points and redeemable cookies for webtoon and series rentals on Naver Webtoon. Currently, Netflix's ad-supported plan without a Naver Plus Membership costs 7,000 won. Netflix Korea's decision on May 10 to raise prices across all its plans, while maintaining the Naver-Netflix membership at 4,900 won, underscores the significance of the alliance for subscriber retention. The new partnerships and free ad-supported options come in response to a plateauing streaming market. According to a report from the Korea Creative Content Agency released in December 2024, free streaming service usage surged from 78.2 percent in 2023 to 85.1 percent last year, whereas paid service penetration stalled, inching down from 55.2 percent to 53.4 percent. 'The streaming service market has matured to a point where relying on one or two breakout hits to drive growth is no longer viable,' said an insider from a Korean streaming service, speaking on condition of anonymity. "Subscriber behavior tends to be substitutive -- when users sign up for a new service, they often cancel an existing one. Right now, domestic streaming platforms are seeing their user base level off at some 30 million, with growth largely tapering off," he said. This is forcing platforms to pivot their strategies to justify escalating content investments, he pointed out, adding that platforms are targeting subscribers of other popular brands in a bid to expand their market shares. However, partnerships between diverse platforms may come with unintended downsides. Alongside the appeal of low subscription fees may lie a trade-off, in which businesses onboarded onto retail platforms such as Baemin and Naver Shopping may face higher commission rates and shrinking profit margins. Additionally, consumer choice may become increasingly limited. As competition among platforms grows, the lock-in effect strengthens, making it harder for users to switch services. The reduced flexibility narrows consumer options, and over time, even as discounts fade or service quality declines, users may be forced to remain with the platform they originally chose.
