Naver, South Korea’s leading internet company, is making a significant move into the web3 market with the launch of its first digital asset wallet, Naver Pay Wallet. This new offering will be available exclusively in the Korean market and is part of Naver’s broader strategy to integrate blockchain technology into its products and services. The company has partnered with Chiliz, a prominent blockchain provider for the sports and entertainment industries, as the inaugural blockchain platform for the wallet.
Naver Pay, a widely used mobile payment service in South Korea, now offers a non-custodial crypto wallet, allowing users to maintain direct control over their private keys and digital assets. Unlike typical crypto wallets, Naver Pay Wallet focuses on utility and loyalty blockchain technology, according to Alexandre Dreyfus, founder and CEO of Chiliz, who discussed the launch with TechCrunch.
With over 97,000 online and offline merchants utilizing Naver Pay, the introduction of this digital asset wallet presents a unique opportunity to test blockchain-based loyalty programs. Dreyfus explained that the wallet, currently in beta, allows Naver’s 33 million users to manage digital assets, store NFTs, and eventually access decentralized apps, fan tokens, and loyalty programs through Naver’s extensive merchant network.
Targeting tech-savvy South Koreans already familiar with Naver Pay, the new wallet aims to attract users interested in exploring blockchain technology, particularly within the realms of sports, entertainment, and digital assets.
Dreyfus also highlighted Naver’s potential to dominate the Korean digital payment market, suggesting that Naver Pay Wallet could become the “Google Pay or Apple Pay” of South Korea. Its user-friendly platform is designed to lower the barriers to blockchain adoption, potentially accelerating its mainstream acceptance.
Although the Chiliz Chain will be the first blockchain supported by Naver Pay Wallet, the strategic partnership between Naver and Chiliz does not involve a direct investment. However, Naver may expand its blockchain support with future updates to the wallet.
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