Samsung Pay, Naver Pay linked from Thursday

A smartphone screen shows Samsung Pay listed among Naver Pay's payment methods. [SAMSUNG ELECTRONICS]

Samsung Pay and Naver Pay services will be interlinked from Thursday, Samsung Electronics announced Wednesday.

The announcement comes a day after Apple Pay began service in Korea.

Samsung Pay users can make online payments through Samsung Pay to buy from Naver Smartstore and online stores that accept Naver Pay payments from Thursday.

Customers will be able to choose Samsung Pay as a payment method for Naver Pay.

In return, Naver Pay users will be able to use Naver Pay at offline stores that accept Samsung Pay payments from this month.

Payments will be made using magnetic secure transmission (MST) technology.

The announcement stems from a memorandum of understanding signed by Samsung Electronics and Naver Financial last month.

"The two companies will continue cooperation to ensure a more convenient digital life for users in the payment and digital wallet sector," Samsung Electronics said in a statement.

Samsung Electronics is reportedly in talks with Kakao Pay to link their payment systems in a similar way as the collaboration with Naver Pay.

BY SOHN DONG-JOO [sohn.dongjoo@joongang.co.kr]