South Korean tech leader Naver has launched its first digital asset wallet, called Naver Pay Wallet, targeting the growing web3 market. The wallet is being rolled out in partnership with Chiliz, a blockchain platform focused on sports and entertainment.
Naver Pay Wallet is built as a non-custodial wallet, meaning users will have full control over their private keys and digital assets. This marks a shift from traditional mobile wallets, which typically manage user keys on their behalf.
Naver already operates one of South Korea’s most widely used payment services, Naver Pay, accepted by more than 97,000 merchants both online and offline. Now, with blockchain integration, the company aims to expand into digital assets and NFTs.
Focus On Loyalty And Utility
Chiliz CEO Alexandre Dreyfus said the goal is not just to build another crypto wallet. Instead, the focus is on using blockchain for utility and loyalty programs.
The wallet will give Naver the ability to explore blockchain-based loyalty systems for its merchant partners. This could include integrating fan tokens, decentralized app (dApp) access, and digital collectibles directly into the Naver ecosystem.
The wallet is currently in beta and is available to 33 million Naver Pay users. It is expected to grow beyond the Chiliz Chain, which is the first supported blockchain. While the partnership does not involve financial investment between the two companies, Dreyfus confirmed that other blockchain integrations are possible in the future.
Targeting Tech-Savvy Users
According to Dreyfus, the wallet is aimed at tech-savvy South Koreans already using Naver Pay who are interested in blockchain technology, especially in sports, entertainment, and NFTs.
Naver Pay Wallet is designed to be user-friendly. Dreyfus believes it could help lower the barrier for everyday users to try blockchain services. With Naver’s strong user base and local dominance, the wallet could become the “Apple Pay or Google Pay” of South Korea, he added.
As more digital wallets compete in the region, Naver’s entry — supported by Chiliz’s blockchain — positions it as a major player in bringing web3 to mainstream audiences.
