On January 21, Naver Pay revealed that its user base had surpassed 30.68 million in 2024, representing around 60% of South Korea’s population. Of these users, 16.59 million, or 54%, earned over 10,000 won in points annually, with growing engagement with Naver Pay’s benefits. Furthermore, 5.31 million users accumulated more than 100,000 won in points, a 17% increase from the previous year.
Additionally, users who earned more than 30,000 won annually through on-site payments rose by 70%, totaling 240,000. Meanwhile, 110,000 users accumulated over 50,000 won through these on-site payments, further reflecting the growing loyalty and usage of the platform’s rewards system.
The surge in Naver Pay’s user base is partly attributed to the platform’s expansion into diverse payment channels. More than half of the users accumulate points through transactions outside Naver’s ecosystem. This broadening of payment destinations has contributed to the platform’s appeal, enhancing its popularity and reach among South Korean consumers.
The platform’s versatility expanded in 2024 as more users took advantage of external payment destinations. Since the second quarter of last year, the proportion of payments made outside Naver’s ecosystem surpassed 50%, with 17.53 million users benefiting from point accumulation at external locations. The expansion of QR payment merchants and strengthened benefits have driven significant growth in on-site payment usage.
Naver Pay’s overseas payment services also contributed to this surge, with 310,000 users utilizing the “Overseas QR Payment” service across 66 countries and regions and the “Naver Pay Money Card,” which is accepted in 147 countries, furthering the platform’s international presence. Naver Pay’s adaptability for cross-border transactions has made it more convenient for users to accumulate and redeem points globally.
Beyond traditional payments, users are benefiting from Naver Pay points through various channels, such as financial services, reward advertisements, corporate welfare programs, and point conversions. Last year, 47% of points were earned through activities other than direct payments, showcasing the platform’s expanding utility in everyday transactions and services. A Naver Pay representative emphasized that 99% of the points earned were reinvested into the ecosystem, fueling continued growth and user engagement.
Established in 1999, Naver Corporation is a leading South Korean online platform renowned for its search engine, Naver, which dominates the domestic search engine market. In 2015, the company launched Naver Pay, a mobile payment service that enables users to make payments, transfer funds, and earn points through various transactions across both online and offline channels.
Integrated within Naver’s broader ecosystem, which spans e-commerce, content, and digital services, Naver Pay has become a key component of the company’s strategy to enhance user engagement and provide added value.
The platform’s expansion has led to greater diversity in point accumulation methods, with more than 2 million users benefiting from promotions tied to mortgage loans, monthly rent loans, credit loan comparisons, overseas travel insurance, and auto insurance services.
Lee Mi-young, Head of Naver Pay Infrastructure & Biz, spoke about the company’s plans to broaden the scope of point-earning opportunities, ensuring that users continue to experience the benefits of Naver Pay across a wider range of services.
