South Korean internet portal operator Naver has rolled out a new online payment service, called Naver Pay, which will allow users to make payments and send money using computers and smartphones.
Naver has teamed up with 14 local banks and credit card firms to offer this payment service and plans to add more in the future.
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Naver Pay enables users to make payments using their Naver ID, a password, the mobile number of the recipient and either a credit or debit card.
Users must register their credit card or bank account information on Naver Pay once, after which they can make payments through an identification process using a six-digit PIN.
Naver has also implemented security measures to protect user data on the payment system including encryption of personal and financial data, use of virtual credit card numbers, and a fraud detection system.
The company is planning to run a complaint center around the clock in collaboration with financial authorities and police to prevent financial fraud.
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By GlobalDataNaver currently has 53,000 member stores that provide this online payment service to customers.
Naver service department head Han Seong-sook said. "Naver Pay is the only service in the domestic market that includes all convenient functions in one service. We expect users will be able to experience the most convenient payment services with it."
