Naver, the South Korean internet giant, is making its mark in the web3 market by launching its first digital asset wallet, called Naver Pay Wallet. This move signifies Naver’s foray into blockchain and web3 technologies, allowing users to directly control their private keys and digital assets through a non-custodial wallet.
Unlike traditional crypto wallets, Naver Pay Wallet aims to be more than just a storage solution. In an interview with TechCrunch, Alexandre Dreyfus, founder and CEO of Chiliz, a blockchain provider for sports and entertainment, explained that the wallet is designed to offer utility and loyalty blockchain technology. It will serve as a testing ground for potential loyalty programs for Naver’s vast network of merchants, both online and offline.
Currently, over 97,000 merchants in South Korea use Naver Pay, a popular payment service that originated from Naver’s e-commerce platform, Naver Shopping. With the introduction of the digital asset wallet, these merchants can explore loyalty programs and other blockchain functionalities powered by the Chiliz blockchain technology.
The beta version of Naver’s digital asset wallet already allows its 33 million users to manage their digital assets and store NFTs. In the future, the wallet will also integrate with decentralized apps, fan tokens, and include a loyalty program for Naver’s merchant network. The target audience for Naver Pay Wallet is tech-savvy South Koreans who are already familiar with Naver Pay and are interested in exploring blockchain technology, particularly in sports, entertainment, and digital assets.
Dreyfus believes that Naver’s digital payment platform can become the “Google Pay / Apple Pay” of South Korea, thanks to its massive user base and user-friendly interface. By lowering the barrier to entry for blockchain technology, Naver Pay Wallet has the potential to accelerate mainstream adoption in the country.
As for the choice of blockchain, Naver Pay Wallet will initially support the Chiliz Chain. While the partnership between Naver and Chiliz does not involve a direct investment, there is a possibility for Naver to add support for more blockchains in the future updates of Naver Pay Wallet.
Overall, Naver’s entry into the digital asset wallet market is a significant step towards the integration of blockchain and web3 technologies in everyday transactions. By leveraging its existing user base and partnering with Chiliz, Naver has the potential to revolutionize the payment landscape in South Korea and drive mainstream adoption of blockchain technology.