Samsung Electronics and NHN Payco Simple Payment Services work together. NHN Payco is a PayPal Point-first point-of-purchase method that allows Payco to pay with Samsung Pay and Samsung Pay to pick up Payco Point's service.
This is the first case in which South Korea's Simple Payment Services competing for the first time to offer services.Samsung and NHN Payco partnered with Payco to provide MST payment technology in addition to Near Field Communication (NFC) technology. Over-cooperation, Samsung Pay, which is relatively weaker in online trading, also secured 100,000 online trading stores.
NHN Payco representative Jeong Yeon Hun said that at present, the entity simplified payment market is still in its infancy and that in order to expand the market, it has decided to actively cooperate with Samsung Pay.
NHN Payco received a KRW 50 billion (about USD 45.87 million) investment from GS Home Shopping, Korea's retail wholesaler, at the end of September. It has also decided to actively cooperate in securing additional payment channels, connecting with shopping malls and using huge amounts of information in advertising platform businesses.
Expand basic infrastructure such as simple payment service users and franchisees and lay a solid foundation for strengthening the power of advertising platforms.
Kakao Pay, a simple payment subsidiary of Kakao, a Korean communications software company, secured a partnership with global financial technology firm Ant Financial, a business owned by Jack Ma, chairman of Alibaba Group's board of directors, Simple payment services Alipay and pure Internet banking Mybank.
In February, the two companies signed a service cooperation and investment contract with Kakao Pay in Korea to promote Alipay overseas as a center. Kakao Pay will increase 34,000 Alipay online and physical franchise stores by 2018. Kakao Pay also won Ant gold Cost 200 million US dollars of funds Note.
And Naver, South Korea's largest portal site, is expanding its ecosystem by working with multivendriters to promote Naver Pay and its marketing efforts.Naver Pay is committed to increasing user loyalty and currently has more than 30 Naver Pay related events underway. Naver Pay collaborates with multiple businesses such as online shopping malls, department stores, banks, insurance companies, securities firms, credit card companies, and food distribution applications.
Following Naver's launch of the Naver Pay financial card and credit card in partnership with Shinhan Card, Naver will launch Naver Pay debit card with K-bank, a pure Internet bank, in an effort to extend its experience of easy online payment to Physical store.
South Korean industry experts said that simple payment is the platform foundation for the financial science and technology industry. Making sure allies are also a part of the competition can take the lead in building a camp for a simple payment ecosystem and will be able to grasp the market dominance.