Payoneer partners with Naver Z to bring payment services to its metaverse
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The Android developer Naver Z will become the global payment service provider for the financial platform Payoneer. In addition, the partnership will bring Payoneer’s services to ZEPETO, Naver Z’s metaverse platform that has over 320 million registered users.
Naver Z is a subsidiary of South Korea’s largest internet company, Naver Corp. In January, the company launched a $100 million fund for metaverse creators.
The collaboration represents Payoneer’s focus on content creation while connecting entertainment platforms with global ecosystems.
“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,” said Woo Yong Lee, Payoneer’s Regional Head of East Asia.
ZEPETO allows users to navigate the virtual world with their customized avatar recreated from a selfie. The platform rolled out as a 3D creator app but has been adding more tools and features for a more immersive metaverse.
Payoneer will make payments easier and faster for ZEPETO’s content creators, as they can get paid in different currencies and locations.
“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,” said Ricky Kang, Head of Business at Naver Z.
In June, Naver Z teamed up with telecommunication company SoftBank to launch a shop on ZEPETO. The shop gives customer support 24 hours a day through an AI bot.
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