Seoul, Feb 21 (IANS): Samsung Electronics has announced that it has signed a business agreement with Naver Financial to promote the mobile payment experience.

With this agreement, both the companies "started collaborating in the payment and wallet sector, promising to continue working together for a more convenient digital life for users", the tech giant said in a blogpost on Monday.

Through the collaboration, Samsung Pay users will be able to enjoy an enhanced online payment experience, and users of Naver Pay will enjoy a better offline payment experience.

"With the cooperation with Samsung Electronics, 31.5 million Naver Pay users can now experience convenient usability and benefits online as well as at most offline merchants through Samsung Pay," said Park Sang-jin, Naver Financial, CEO.

Naver Pay users will be able to make Naver Pay's offline payments through Samsung Pay's Magnetic Security Transport (MST) payment method at all offline merchants where payments can be made with Samsung Pay.

The tech giant further mentioned that the two companies plan to accelerate their cooperation so that each service can be implemented in the first half of this year.

"In the future, we plan to continue to seek various ways to cooperate to provide a better digital life to users," it added.

Meanwhile, SamMobile reported that Samsung's next-generation foldable smartphones are expected to feature BOE displays.

Samsung Electronics has so far only used foldable panels from Samsung Display, and if the company adds BOE to the supply chain, it could lead to fewer sales of its Display arm.