Naver Pay, the mobile payment service of South Korea’s internet portal giant Naver Corp., will be available in Taiwan and Thailand from early next year.

Naver Financial Corp., the financial arm of Naver, said Wednesday it plans to form a cross-border alliance with Naver’s NHN Payco Corp., Naver’s Japanese subsidiary Line Pay Corp. and Taiwan’s iPass Corp. to make electronic payment possible at stores across Korea, Japan, Thailand and Taiwan.

Line Pay has already partnered with 160,000 stores in Taiwan, with its user base expanding 50 percent on year in 2019, Naver Financial said.

Naver Pay, which started as Naver’s in-house unit, was spun off to Naver Financial on Nov. 1 with an aim to grow as a full-service financial platform. Naver Financial will start its marketing in earnest next year with the launch of Naver bank account. It also plans to roll out a series of new offerings in the latter half in banking, stock and insurance.

“We will work closely with Line Pay to bring more convenience in payment at home and abroad,” said Choi Jin-woo, vice president of Naver Financial, adding “We will continue to drive innovation in a wide range of customer experiences.”

By Lee Sae-ha and Kim Hyo-jin

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