Korean Payment Giant, Naver Pay, Partners With Chiliz

Naver Pay has partnered with Chiliz to enhance its global expansion through Web3 technologies. The partnership will utilise Chiliz’s blockchain infrastructure, recently expanded through its deal with K League, to improve fan engagement. This collaboration supports Naver Pay's global expansion strategy by integrating advanced Web3 technologies into its services.

Naver Pay, a leading South Korean mobile payment service, has announced a partnership with Chiliz, a prominent blockchain company specialising in sports and entertainment. This collaboration aims to enhance Naver Pay's global service offerings through Web3 innovations, marking a significant step in the company’s expansion efforts.

With 33 million registered accounts and 18 million active users per day, Naver Pay is a major player in the financial landscape in South Korea. The partnership will also integrate the Chiliz Chain's Fan Token ecosystem to create exclusive ticketing and payment alternatives in addition to facilitating several fan-focused events. The initiative is set up to give sports fans a seamless and engaging experience.

Park Sang-jin, CEO of Naver Pay, expressed enthusiasm about the collaboration, saying, "This partnership with Chiliz marks a significant milestone in our journey towards integrating cutting-edge web3 technologies as part of our global expansion. Together, we aim to transform the way our users engage with sports and entertainment, enhancing their experiences with innovative solutions tailored to their passions."

Chiliz: Leveraging Web 3.0 to better sports experiences

Chiliz (CHZ) is a blockchain-based platform designed to enhance fan engagement in the sports and entertainment industries. Launched in 2018, Chiliz uses its native cryptocurrency, CHZ, to enable fans to participate in a variety of activities, including voting on team decisions and accessing exclusive content. 

The platform operates through Socios.com, where fans can buy branded fan tokens for their favourite sports teams, allowing them to influence team-related decisions and access unique rewards. 

The integration of blockchain technology ensures transparency and security in fan interactions, positioning Chiliz as a pioneer in fan engagement and sports tokenisation. In 2023, Chiliz introduced the Chiliz Chain to handle more digital assets, like NFTs. The company has offices worldwide, including in Malta, France, Turkey, Spain, South Korea, and Brazil. 

Chiliz has been expanding its footprint within the sports industry through partnerships with major football clubs such as Tottenham Hotspur, FC Barcelona, Paris Saint-Germain, and Manchester City. Recent expansions include collaborations with football leagues like the K League and Ligue 1. The integration of Chiliz’s blockchain solutions into these sectors aims to deliver enhanced fan experiences and foster deeper engagement.

Alexandre Dreyfus, CEO of Chiliz, emphasised the strategic importance of the South Korean market due to its advanced sports and crypto environments. He expressed enthusiasm for the partnership with Naver Pay, stating, "South Korea is a very important market for us due to the maturity of both its sports and crypto sectors. We're excited to partner with Naver Pay to introduce unique experiences that leverage the power of blockchain and bring value to the sporting community."

The collaboration is expected to combine fintech innovation with sports and entertainment, creating new opportunities and experiences for fans across South Korea.

About Never Pay

Naver Pay is a digital payment platform developed by South Korea's tech giant Naver. Launched in 2015, it facilitates seamless online and offline transactions using smartphones. Users can link their Naver Pay account to credit cards, bank accounts, or Naver’s digital wallet, enabling easy payments for goods and services. The platform supports various features including QR code payments, peer-to-peer transfers, and integration with Naver’s extensive ecosystem, including its e-commerce and financial services. Naver Pay also emphasises security with advanced encryption and fraud detection measures. Its user-friendly interface and broad acceptance among merchants make it a popular choice for digital payments in South Korea, helping to streamline transactions and enhance the overall customer experience.