Naver Pay, the mobile payment service of South Korea’s tech giant Naver, has partnered with Chiliz, a sports blockchain provider, to launch its first non-custodial crypto wallet.
According to the announcement, Chiliz will be the first blockchain provider for the new crypto wallet, “Naver Pay Wallet.”
Naver Pay Partners With Chiliz Blockchain To Launch Naver Pay Wallet
Naver Pay is the mobile payment service for Naver in South Korea. It started as a mere payment option on Naver Shopping, Naver’s e-commerce platform.
Today, more than 90,000 merchants use Naver Pay for online and offline transactions.
Launching the Naver Pay Wallet is a smart move by Naver toward testing the integration of Web3 tech and blockchain into their products and services.
Dreyfus hinted at using the Chiliz blockchain technology to offer potential loyalty programs for Naver customers.
The new crypto wallet, Naver Pay Wallet, is a non-custodial wallet that offers its users complete and direct control over their digital assets and private keys.
Currently, Naver Pay Wallet will be available to up to 33M users. These users will be able to use the non-custodial digital wallet to manage their assets and store their NFTs.
Dreyfus said that the wallet will eventually include other functionalities, such as integrating DApps, a loyalty program, and fan tokens.
Although Naver Pay Wallet will support Chiliz Blockchain as its inaugural blockchain platform.
Dreyfus mentioned that Naver’s partnership with Chiliz Blockchain is not a direct investment, and other blockchains can be added in the future.
To celebrate launching its first digital wallet, Naver promised to give NFTs minted on the Chiliz Blockchain to everyone who signs up for the wallet.
Chiliz Blockchain also celebrated the launch by giving 50 lucky South Korean winners a chance to win a European Football Tour. The event starts on Friday, August 30.
Naver Pay Wallet To Compete With Other Crypto Wallets
According to Dreyfus, Naver Pay Wallet can successfully compete with other digital payment platforms in South Korea that are seeking to integrate blockchain technology.
Considering its user-friendly platform, there will be mainstream adoption and fewer barriers to entry for blockchain technology.
He added that Naver’s large user base gives it the potential to dominate the fintech market and become South Korea’s “Apple Pay/Google Pay.”
