Quick take:
- Naver Z has signed a partnership agreement with Payoneer to become its global payment service provider.
- The Naver Corp subsidiary wants to bring the global payment platform’s services to ZEPETO, its global metaverse platform with over 320 million users.
- The partnership extends Payoneer’s ecosystem in the creator economy, which has become a key vertical in its business.
Payoneer has been chosen by Naver Z to bring its global payment service to ZEPETO, the South Korean company’s global metaverse platform with over 320 million registered users. Naver Z is a subsidiary of the Korean internet giant Naver Corp. Earlier this year, it announced the launch of a $100 million fund for its metaverse project.
Zepeto started out as a 3D creator app but has since been onboarded with more tools and features to make it a fully immersive project.
In June, Naver Z and SoftBank teamed up to launch a metaverse shop on the platform. The shop provides customer service 24 hours a day, with an AI bot taking over from the human customer service providers during off hours.
Payoneer is coming in to provide Zepeto’s creator community with a global payment service that will enable users of the metaverse platform to “expediently pay and get paid in multiple currencies and geographies.”
The online payments services provider has been widening its footprint in the creator economy, which has become one of its main verticals for strategic growth. The partnership will also serve as a resource for creators to expand their global clientele.
It will also enable Naver Z to send payments to creators expeditiously and cost-effectively.
“Opportunities to create income from the creative economy in virtual worlds continue to expand and it is essential that Naver Z is prepared to provide our creators with the best payment experience,” said Ricky Kang, Head of Business at Naver Z. “In addition to helping Naver Z improve the speed of payments, Naver Z’s partnership with Payoneer expands the economic opportunity for our creators by allowing them to sell into new markets and receive payments regardless of location.”
On the other hand, Woo Yong Lee, Regional Head of East Asia at Payoneer commented: “Naver Z is a pioneer of content creation in the virtual world and Payoneer is thrilled to meet the needs of digital creators by reducing the friction that can exist in cross-border payments in the digital economy due to the nature of complex financial operating systems.”
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