Many tech companies are expanding their reach into the Web3 market, integrating blockchain and Web3 technologies into their products and services. In the latest development, South Korean internet giant Naver It launched its first digital asset wallet, Naver Pay Wallet, for the Korean market. It is collaborating with Chili’sa blockchain provider for sports and entertainment, as the inaugural blockchain for the wallet.
Naver Pay is a mobile payment service from Naver. Through its new crypto wallet, Naver Pay Wallet, the company offers a non-custodial wallet, meaning users have direct control over their private keys and digital assets.
“Naver Pay is not meant to be a typical crypto wallet, but rather a service around blockchain technology for utility and loyalty,” Chiliz founder and CEO Alexander Dreyfus told TechCrunch.
In South Korea, more than 97,000 online and offline merchants use Naver Pay, a payment service that got its start on Naver’s e-commerce platform Naver Shopping. Dreyfus told TechCrunch that the digital asset wallet serves as a valuable testing ground for potential merchant loyalty programs on Naver using Chiliz blockchain technology.
Naver’s digital asset wallet, which is still in beta, allows 33 million users To manage their digital assets and enable users to store NFTs. Dreyfus noted that it will also add other features, such as integration with decentralized applications, fan tokens, and a loyalty program for the Naver merchant network.
“The target customers are tech-savvy South Koreans who already use Naver Pay for digital transactions and are interested in exploring blockchain technology, especially in the areas of sports, entertainment and digital assets,” Dreyfus said.
Naver Pay Wallet could compete with other Korean digital payment platforms exploring blockchain integration. However, Naver’s massive user base puts it in a strong position to dominate the market and become the “Google Pay/Apple Pay” of South Korea, Dreyfus explained. Its user-friendly platform will lower the entry barrier for blockchain technology, accelerating its widespread adoption, Dreyfus added.
The wallet will support Chiliz Chain as its first blockchain — Dreyfus noted that Naver’s strategic partnership with Chiliz does not involve any direct investment. Naver may add support for more blockchains in future Naver Pay Wallet updates.