South Korean tech giant Naver Corp. said on Tuesday it has partnered with WeChat Pay to offer a Naver Pay mobile pay and digital wallet service using QR codes across China.
Naver said it is the first Korean company to offer such QR payment and online transaction services in partnership with WeChat Pay, also known as Weixin Pay, in China.
WeChat Pay, China’s No. 1 online payment service, is integrated into the WeChat app and is used by more than 1.13 billion active users.
In China, Naver Pay has already been offering QR payment services via UnionPay and Alipay Plus since September 2023.
With the latest deal with WeChat Pay, the Korean mobile payment platform will be available at almost all QR payment merchant locations across China, according to Naver.
Naver Pay is the only Korean simple payment service provider using QR codes via all three major Chinese payment systems.
Naver said users can enjoy a 10% discount and point accumulation benefits when using WeChat Pay through the Naver Pay app without needing to install any additional apps.
MPM SYSTEM
WeChat Pay uses the merchant presented mode (MPM) system, where users scan a QR code provided by the merchant using their mobile device camera.
By pressing the QR payment camera button at the bottom center of the Naver Pay app, users can scan the WeChat Pay payment QR code, enter the payment amount, and click the Pay button for transactions. The payment will then be deducted from the user’s Naver Pay points or balance.
Users can also check the estimated payment amount in Korean won before confirming the transaction.
If the payment amount exceeds the available balance, the account linked to Naver Pay will be automatically topped up in increments of 10,000 won before the payment is processed.
TO EXPAND PARTNERSHIPS
Naver said the “10% discount without conditions” program, which Naver Pay and UnionPay are running until next March, will also be applied to WeChat Pay QR payments.
Benefits such as stamp rewards will also be available at WeChat Pay when using Naver Pay’s QR payment service.
“QR payments are the most common payment method in China. We hope that Korean travelers enjoy a convenient trip to China using Naver Pay. We will continue to expand our services in partnerships with global mobile platform operators,” said Lee Mi-young, head of Pay Infrastructure & Business at Naver Pay.
By In-Soo Nam
isnam@hankyung.com
Jennifer Nicholson-Breen edited this article.
