From 'Payment' to 'Financial' Platform... Naver Pay Armed with AI

Expansion of Financial Services from Savings and Loans to Insurance
Advancement of Alternative Credit Scoring and Application of Generative AI
Payment Volume Expected to Surpass 100 Trillion Won Within 3 Years

Park Sang-jin, CEO of Naver Financial (Photo by Naver Financial)

Naver Pay is evolving into a comprehensive financial platform equipped with various technologies such as artificial intelligence (AI). It plans to further enhance its financial product comparison and recommendation features and expand the application of alternative credit scoring to various financial products. Through this, it aims to achieve a payment volume of 100 trillion KRW and a financial revenue share of 20% within three years.

Park Sang-jin, CEO of Naver Financial, announced Naver Pay's growth plan at the Team Naver Conference 'Dan23' held at the Grand Intercontinental Seoul Parnas in Gangnam-gu, Seoul.

CEO Park stated, "Naver Pay has over 33 million members and more than 18 million monthly payers, with cumulative payment volume surpassing 200 trillion KRW, which is comparable to last year's total domestic e-commerce transaction volume. We will actively expand the financial sector by providing benefits and building trust among participants?users, merchants, and financial institutions?based on the technology and innovation of the Naver Pay platform."

He emphasized the goal of achieving 100 trillion KRW in payment volume, 10 million MyData users, and a 20% share of financial revenue within three years. The 100 trillion KRW payment volume is similar in scale to the total B2C payment volume of domestic card companies. Last year, Naver Pay's payment volume was 49 trillion KRW, and it is expected to reach 60 trillion KRW this year.

To this end, the main strategies include ▲advancing alternative credit scoring (ACS) using differentiated data-based targeting and scoring technologies ▲differentiating financial product comparison, recommendation, and merchant offerings optimized for user needs and characteristics ▲strengthening financial service linkage through personalization of Naver Pay Securities, real estate information, and community.

From Savings and Deposits to Loans and Insurance, 'One-Stop'

First, the flow from searching for financial products to subscription and management will be applied as a 'one-stop' process in financial product comparison and recommendation. This is similar to the flow from shopping search to payment with Naver Pay. CEO Park explained, "Like the currently offered credit loan comparison service, we will provide differentiated user experiences in savings, deposits, and insurance sectors."

Within this year, it will be possible to view stocks and place orders directly through Naver Pay Securities. Next year, an insurance comparison and recommendation service will also be launched. Starting next month, when searching for properties on Naver Pay Real Estate, users will be able to view and receive recommendations for corresponding jeonse deposit guarantee products. Within the year, a housing mortgage loan comparison feature will also be demonstrated.

Collaborating with financial institutions that have various financial products listed, Naver Pay will apply its own alternative credit scoring. This alternative credit scoring technology has already been introduced for loans to Smart Store operators.

Like ChatGPT... Easily Ask and Use Financial Products

On this day, Naver also announced plans to apply 'generative artificial intelligence (AI)' to financial services. Through the generative AI search 'CUE:' to be launched next month, users will be able to naturally ask questions and receive answers like 'ChatGPT' and use desired financial products.

For example, if a user asks a real estate-related question in the search bar, 'CUE' will provide answers and recommended listings based on Naver Pay Real Estate property information. Additionally, it will connect to housing mortgage loan comparisons.

Expansion of the core simple payment service will also continue. In the second half of the year, Naver Pay plans to expand overseas payment options mainly in China, Japan, and Taiwan by partnering with Alipay Plus and BC Card-UnionPay. It also plans to add Naver Pay Money and Points as payment methods to Samsung Pay's on-site payment service and launch a dedicated prepaid card.

To advance as a comprehensive financial platform beyond payments, Naver Pay has also revamped its logo. CEO Park emphasized, "We will provide value to users and merchants and actively collaborate with financial institutions. We will build trust among platform participants and provide benefits while expanding finance."

This content was produced with the assistance of AI translation services.