Key facts
- Naver Pay is South Korea's most used mobile payment platform.
- Naver Pay has captured 64.7% of users.
- Reward and promotional benefits are key to Naver Pay's success.
- Kakao Pay is the second most used mobile payment platform in South Korea.
Naver Pay has established itself as the dominant mobile payment platform in South Korea, commanding a 64.7% market share among users. This leading position is largely driven by the platform's attractive reward and promotional benefits, which have proven highly effective in user acquisition and retention. The recent industry report highlights the significant impact of these incentives on Naver Pay's widespread adoption. Following Naver Pay in the rankings is Kakao Pay, which holds the second position in terms of user engagement within the mobile payment sector. The data underscores the dynamic and competitive nature of South Korea's digital payments market, where user-centric benefits play a crucial role in determining market leadership.