Naver Z has selected leading online financial services provider Payoneer to bring its global payment service to the 320 million users of the ZEPETO metaverse.
Payoneer at Naver Z
Payoneer has been chosen by Naver Z to bring its global payment service to ZEPETO, the South Korean company’s global metaverse platform with more than 320 million registered users.
Naver Z is a subsidiary of Korean Internet giant Naver Corp. Earlier this year, it announced the launch of a $100 million fund for its metaverse project.
Zepeto started as a 3D creation application, but has since added more tools and features to make it a fully immersive project.
In June, Naver Z and SoftBank partnered to launch a metaverse store on the platform. The store offers 24-hour customer service, with an AI bot replacing human customer service providers during off hours.
Payoneer arrives to provide Zepeto’s community of creators with a global payment service that will allow users of the metaverse platform to “pay and receive payments expeditiously across multiple currencies and geographies.”
The online payment service provider has been expanding its footprint in the creator economy, which has become one of its key strategic growth verticals.
The partnership will also serve as a resource for creators to expand their global clientele.
In addition, it will enable Naver Z to send payments to creators quickly and cost-effectively.
“The opportunities to create revenue 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, Naver Z’s Chief Business Officer. “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 enabling them to sell in new markets and receive payments regardless of their location.”
For his part, 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 delighted 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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