Naver Pay to expand as comprehensive financial platform
Naver Pay's new logo unveiled on Thursday / Courtesy of Naver Pay
By Anna J. Park
Naver Pay has declared its new roadmap to expand into a comprehensive financial platform by widening the horizons of finance through technology. The fintech company has so far primarily focused on providing the country's leading online simplified payment services.
Park Sang-jin, CEO of Naver Pay, unveiled the roadmap in his presentation titled “Naver Pay's evolution into a tech-based financial platform” during the Dan 23 Conference held at the Grand Intercontinental Seoul Parnas on Thursday afternoon. The Dan 23 Conference is an event held to share Team Naver's AI-focused technological vision and business plans with users, partners, and investors.
Naver Pay Park Sang-jin speaks during the Dan 23 Conference at the Grand Intercontinental Seoul Parnas in Seoul, Thursday. Courtesy of Naver Pay
“We have been exploring opportunities for innovative finance through the vast database comprised of 33 million Naver Pay members' order and payment records, 10 million members' 'My Asset' registered information, and 19 million members' securities and real estate data” CEO Park said during the presentation.
“Naver Pay will continue to expand the realm of finance by enhancing the benefits and mutual trust for platform participants ― users, merchants, and financial institutions based on the technology and innovation,” the CEO stressed, heralding Naver Pay's transformation into a tech-based comprehensive financial brand beyond payment.
As part of the roadmap, Naver Pay plans to pursue three-pillar strategies: enhancement of alternative credit scoring (ACS) utilizing targeted scoring technologies; recommendation of financial products based on optimization of user needs and characters; and strengthening the integration of personalized financial services linking Naver Pay Securities, real estate information and other services.
Naver Pay Park Sang-jin speaks during the Dan 23 Conference at the Grand Intercontinental Seoul Parnas in Seoul, Thursday. Courtesy of Naver Pay
CEO Park explained that Naver Pay aims to create a “one-stop” flow from a user's search for financial products to subscription to those services as related to asset management, just as there exists a successful flow from a Naver user's shopping searches to payment through Naver Pay.
“We plan to provide differentiated user experience in savings and insurance searches, similar to the current credit loan comparison services,” CEO Park said.
Naver's generative AI service is also slated to be transferred to Naver Pay system in order to enhance its tech competitiveness. The integration of Naver Pay Securities as well as Naver's real estate services will also be strengthened. As each of the services boasts over 10 million monthly active users (MAU), Naver Pay aims to provide a connection service, allowing users to directly place orders while browsing information on each of the services. For instance, those who look for real estate recommendation can begin mortgage loans and receive recommendations for related products.