Naver Pay inks agreement to collaborate with Billboard, local branch

Naver's fintech subsidiary signed a memorandum of understanding with Billboard and its Korean subsidiary to collaborate on services.

From left, Naver Pay CEO Park Sang jin, Billboard Korea CEO Yuna Kim and Billboard President Mike Van pose for a photo after the signing ceremony at Naver 1784 building in Pangyo, Gyeonggi, on Tuesday. [NAVER PAY]

Naver Pay, a mobile payment service, signed a memorandum of understanding with Billboard and its Korean subsidiary to offer payment options for Korean users accessing its entertainment services.

Naver’s fintech subsidiary said on Wednesday that Naver Pay CEO Park Sang-jin, Billboard President Mike Van and Billboard Korea CEO Yuna Kim signed the deal on Tuesday at the Naver 1784 building in Pangyo, Gyeonggi.

The partnership comes in line with the inauguration of Billboard’s official branch in the country, Billboard Korea, in June. Although specifics weren’t revealed, Naver Pay said that it will collaborate with Billboard Korea to roll out fintech services for users who consume Billboard’s content on music, broadcasts and concerts.

The companies hope that the partnership will foster a fair and transparent system for concert ticket reservations, with the ultimate goal of promoting K-pop globally through Billboard.

“We are pleased to be able to collaborate with Billboard and Billboard Korea in exploring various avenues for synergy between their entertainment services and Naver Pay,” Park said in statement.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]