Naver Pay expands beyond Naver as Q3 payment volume tops 26 trillion won

[Financial News] NAVER Pay (Npay) increased its revenue by at least 14% year over year in the third quarter of this year. Payment volume during the period also exceeded 26 trillion won.
According to industry sources on the 12th, Naver's financial platform, NAVER Pay, posted revenue of 487.7 billion won in the third quarter. This was up 14.1% from the same period a year earlier.
Payment volume in the quarter also reached 26.2 trillion won, up 15.6% from the same period a year earlier. In particular, payment volume at external affiliated merchants grew 21.8%, raising its share of total payment volume to 58.2%. That is the highest level on record.
Offline payment volume also grew 24.2% year over year, buoyed by expanded QR, Face Sign, Money Card and MST payments, as well as links with reservations and orders.
This is believed to reflect the impact of the integrated terminal 'Npay Connect,' which NAVER Pay officially launched last November. It supports a range of payment methods, including cash, cards, QR, simple payments and facial recognition (Face Sign). As of the end of June, it had been installed at more than 100,000 merchant locations nationwide.
Recently, the 'Npay biz Our Store Report' feature was also added. It lets users compare sales in the same industry by the hour, expanding the scope from their own neighborhood to their city, county or district, and nationwide. Users can also see trends in delivery orders and changes in commercial districts at a glance.
A NAVER Pay representative explained, "The figures confirm that Connect is playing a role in expanding Naver's business-owner ecosystem, rather than serving merely as a payment terminal," adding, "It is a tool that connects the entire flow, from discovering stores through search and maps to reservations and orders, in-store payments and repeat visits."

[email protected] Kim Tae-il Reporter