The South Korean internet giant Naver is going to launch an app store in June this year. It has joined forces with the country’s three major mobile operators (SK Telecom, LG Uplus and KT) to launch a unified app store that will incorporate other Naver services such as its online payment system Naver Pay. The South Korean app market is worth an estimated 4.5 trillion won, equivalent to 3.8 billion US dollars, and is currently dominated by the Google Play Store and Apple App Store. Between them, the American giants account for 80% of the South Korean app market. Naver hopes that by launching its own app store it will create a more competitive apps market in the country. The South Korean smartphone market is the most mature in the world, with a mobile penetration rate of over 100%, meaning that some people own more than one smartphone.