Naver, Line, iPass, NHN launch cross-border m-payment alliance in Asia

The financial arm of South Korean portal operator Naver has joined an Asian cross-border mobile payment alliance. The partnership was signed by Japan-based Line Pay, Taiwan's iPass and Naver's NHN Payco, Yonhap news agency reports. Line Biz+ Taiwan and iPass earlier announced that they will create a cross-border mobile payment alliance with four regional peers, including Japan-based Line Pay, Thailand-based Rabbit Line Pay, South Korean Naver and NHN Payco. The partnership enables the partners’ nearly 80 million users to make electronic payments at stores that use Naver Pay, Line Pay and Payco in South Korea, Japan, Thailand and Taiwan. 

Under the terms of the deal, Naver Pay customers will be able to use the Naver Pay mobile app at stores in Thailand and Taiwan starting with the first quarter of 2020. Customers will not need to download new apps or register other apps, as the apps offered by the operators will be connected automatically, Naver said.

"The partnership expands payment service experience at both home and abroad", said Choi Jin-woo, vice chief at Naver Financial. "The alliance will be expanded beyond payment to other services", he added.

Line Pay currently partners with over 160,000 stores in Taiwan, with the number of users jumping over 50 percent year-on-year in 2019, Naver Financial said. NHN Payco is also scheduled to launch its service in Taiwan during the first quarter of 2020.