KakaoPay

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KakaoPay
KakaoPay Logo.png
Developer(s)Kakao
Initial releaseSeptember 5, 2014; 5 years ago (2014-09-05)
Operating systemAndroid
iOS
PlatformAndroid and iOS devices
LicenseProprietary
Websitewww.kakaopay.com

KakaoPay (Hangul: 카카오페이) is a mobile payment and digital wallet service by Kakao based in South Korea that allows users make mobile payments and online transactions.[1] The service supports contactless payments using near-field communications and QR codes.[2]

KakaoPay is incorporated into KakaoTalk, the mobile instant messenger from Kakao.

Service[edit]

The payment service first launched on September 4, 2014 with integration with their messaging app, KakaoTalk, allowing people to request and send money to people in their contacts.[3] Since its launch, Kakao has expanded into other financial services by launching their own online bank called Kakao Bank and releasing their own debit card.[4] In April 2017, KakaoPay Co., Ltd. was established to run the payment services operated by the company.

KakaoPay crossed the 10 million user mark after 20 months since its launch.[5][6] More features have been added to the service like the ability to send remittances, send invoices, and complete online transactions on mobile. With the rapid increase in users and payment transactions, KakaoPay received a $200M investment from Alibaba's Ant Financial, the parent company of Alipay, a mobile payment service in China.[7]

References[edit]

  1. ^ TechForKorea. "KakaoPay Launches Mobile Authentication Service, 'KakaoPay Authentication' | Korean Startups News". www.techforkorea.com. Retrieved 2018-02-12.
  2. ^ "Kakao Pay adds offline QR code wire transfers". ZDNet. Retrieved January 24, 2018.
  3. ^ "KakaoTalk goes into the mobile payment business with KakaoPay". Tech in Asia. Retrieved January 24, 2018.
  4. ^ "Kakao Corp to launch debit cards to compete in offline payment market". The Korea Herald. Retrieved January 24, 2018.
  5. ^ "Kakao Pay tops 10 million users in South Korea". ZDNet. Retrieved January 24, 2018.
  6. ^ "KakaoPay – Reaching 10 Million Users In Mobile Payment (South Korea)". Global Payment Summit.
  7. ^ "Alibaba's Ant Financial expands to Korea with $200M investment in Kakao Pay". Tech Crunch. Retrieved January 24, 2018.

Sites That Accept KakaoPay[edit]