NAVER Pay
NAVER Pay is a mobile payment service underpinned by South Korea's search engine giant NAVER. Launched in 2015, NAVER Pay is the second mobile e-wallet launched by the internet company NAVER Group after Line Pay.
After creating a NAVER Pay account, users can bind bank cards, transfer money, and complete online and offline purchases. Furthermore, users can earn NAVER Points by using NAVER Pay for payments and joining other activities. They can then use those points to enjoy discounts on future payments.
Properties
The properties of the NAVER Pay payment method are shown in the following table:
Payment type | Alipay+ payment method | ||
Acquirer | Alipay SG, Alipay EU, Alipay US, Alipay UK | Acquiring region | SG, AU, HK, US, EU, UK |
Payment flow | Redirect | Checkout Payment | ✔️ |
Buyer country/region | South Korea | Auto Debit | ✔️ |
Funds deduction | Real-time | Refund | ✔️ |
Processing currency | KRW | Partial refund | ✔️ |
Minimum payment amount | 100 KRW | Chargeback | ❌ |
Maximum payment amount | For high-risk merchants: 2,000,000 KRW per day, 500,000 KRW per transaction | Refund period | 365 days |
User experience
The following graphic shows the NAVER Pay app authorization process:
Figure 1. Authorization process with NAVER Pay