South Korea’s Naver Financial has announced a partnership with Tencent Holdings to integrate its digital wallet service, Naver Pay, with China’s WeChat Pay. This collaboration allows South Korean users to make seamless cross-border transactions in China using Naver Pay via QR code technology.
With this integration, Naver Pay users can now access WeChat Pay’s extensive payment network across China. This move enables the Korean tech giant to expand its reach beyond domestic markets, providing greater convenience for South Korean travelers and enhancing cross-border payment capabilities.
Now users can now make payments and earn reward points in China by scanning WeChat Pay QR codes directly through the Naver Pay app. This service eliminates the need to install or register for additional apps, streamlining the payment process for South Korean travelers. Users simply scan the QR code, input the payment amount, and confirm the transaction.
The app enhances convenience by displaying the expected payment amount in Korean won and automatically recharging the balance in increments of 10,000 won if funds are insufficient. This seamless integration builds on Naver Pay’s existing partnerships with UnionPay and Alipay+, established in September 2023, to offer comprehensive cross-border payment solutions in China.
Naver Pay is the first Korean company to collaborate with WeChat Pay for QR payment and online transaction services. WeChat Pay, embedded within the WeChat app, is China’s leading online payment platform, boasting over 1.13 billion active users. With this partnership, the company has expanded its presence to almost all QR payment merchant locations in China.
Naver Pay users can benefit from a 10% instant discount and earn points when making WeChat Pay QR payments via the Naver Pay app, with no additional apps required. This promotion, jointly offered by Naver Pay and UnionPay, will run until March 2025 and applies to all transactions made using WeChat Pay QR codes. Users can also enjoy stamp rewards for their purchases, enhancing the overall payment experience.
“QR payments are the most widely used payment method in China. We hope Korean travelers can enjoy a hassle-free trip using Naver Pay,” said Lee Mi-young, head of Pay Infrastructure & Business at Naver Pay. She added that the company plans to continue expanding its services through partnerships with global mobile platform providers, further enhancing its cross-border payment solutions.
