Corporate Logo(source: ncsoft.com)
On November 26, Mirae Asset Securities said that NCSoft(036570) is expected to benefit from a leverage effect stemming from the company’s newly introduced in-house payment system. The brokerage maintained its “Buy” rating and 280,000-won target price.
As of 9:09 a.m., shares of NCSoft were trading at 221,000 won, up 13,000 won (6.25%) from the previous session.
Lim Hee-seok, an analyst at Mirae Asset Securities, noted that the long-standing 30% commission structure imposed by Apple and Google is beginning to crack. “Following the enforcement of the EU’s Digital Markets Act, external payment options have begun to expand,” he said. “In the United States, Google’s repeated defeats in antitrust litigation have further weakened the rationale for maintaining the current fee framework.” Lim added that full external payment liberalization and in-app fee reductions to the 15–20% range “are now within reach.”
He expects in-app commission rates to be sharply reduced next year. “Even if the timing of fee reductions is slightly delayed, the impact of lower platform commissions should begin to materialize meaningfully next year,” he said. “Most gaming companies are expected to introduce their own in-app payment systems in 2025, and user adoption of direct payments is likely to rise rapidly.”
NCSoft introduced its in-house mobile payment system this month. Lineage M and Lineage 2M began supporting direct payments on December 12. Lim noted that Aion 2, released on December 19, also supports direct payment, and estimated that PC-based payments will account for more than 90% of its early revenue. He expects NCSoft’s share of mobile in-house payments to reach 50% by the end of next year.
Lim projected that the reduction in payment processing fees stemming from the in-house payment system will exceed 100 billion won in 2025. “NCSoft will likely raise the proportion of users opting for direct payments by offering additional rewards,” he said, estimating that payment-related commissions as a share of revenue will decline to 15% next year. “If the industry moves toward a broad-based reduction in in-app fees, the decrease in commission ratios could accelerate further,” he added.
*[KOSPI] NCsoft(036570) is a game development and operation company whose representative products include PC games Lineage, Lineage 2, and Aion, and mobile games Lineage M and Lineage W. They also engage in businesses related to characters, webtoons, and movies, etc. The market capitalization is 4.491 trillion won (as of November 25, 2025, closing price).
Corporate Logo(source: ncsoft.com)
On November 26, Mirae Asset Securities said that NCSoft(036570) is expected to benefit from a leverage effect stemming from the company’s newly introduced in-house payment system. The brokerage maintained its “Buy” rating and 280,000-won target price.
As of 9:09 a.m., shares of NCSoft were trading at 221,000 won, up 13,000 won (6.25%) from the previous session.
Lim Hee-seok, an analyst at Mirae Asset Securities, noted that the long-standing 30% commission structure imposed by Apple and Google is beginning to crack. “Following the enforcement of the EU’s Digital Markets Act, external payment options have begun to expand,” he said. “In the United States, Google’s repeated defeats in antitrust litigation have further weakened the rationale for maintaining the current fee framework.” Lim added that full external payment liberalization and in-app fee reductions to the 15–20% range “are now within reach.”
He expects in-app commission rates to be sharply reduced next year. “Even if the timing of fee reductions is slightly delayed, the impact of lower platform commissions should begin to materialize meaningfully next year,” he said. “Most gaming companies are expected to introduce their own in-app payment systems in 2025, and user adoption of direct payments is likely to rise rapidly.”
NCSoft introduced its in-house mobile payment system this month. Lineage M and Lineage 2M began supporting direct payments on December 12. Lim noted that Aion 2, released on December 19, also supports direct payment, and estimated that PC-based payments will account for more than 90% of its early revenue. He expects NCSoft’s share of mobile in-house payments to reach 50% by the end of next year.
Lim projected that the reduction in payment processing fees stemming from the in-house payment system will exceed 100 billion won in 2025. “NCSoft will likely raise the proportion of users opting for direct payments by offering additional rewards,” he said, estimating that payment-related commissions as a share of revenue will decline to 15% next year. “If the industry moves toward a broad-based reduction in in-app fees, the decrease in commission ratios could accelerate further,” he added.
*[KOSPI] NCsoft(036570) is a game development and operation company whose representative products include PC games Lineage, Lineage 2, and Aion, and mobile games Lineage M and Lineage W. They also engage in businesses related to characters, webtoons, and movies, etc. The market capitalization is 4.491 trillion won (as of November 25, 2025, closing price).