Bank Wallet Kakao Service Begins in the Second Half

Bank Wallet Kakao allows wire transfers up to 100,000 won each day among users registered to the service. (image: Kobizmedia/Korea Bizwire)

SEOUL, May 31 (Korea Bizwire) – Korea’s No. 1 mobile messenger KakaoTalk will start its own mobile wallet service by which the users can make wire transfers and transactions in the second half of 2014. 

On May 29, according to financial industry sources, Kakao Inc. will start servicing “Bank Wallet Kakao” which is an electronic wallet for wire transfer, online and offline transaction and ATM transaction.

Anyone over 14 of age registered to Internet banking service is eligible for the service and can recharge up to 500,000 won as “bank money.” Only one account is allowed for each device. 

Bank Wallet Kakao allows wire transfers up to 100,000 won each day among users registered to the service. A text alert like “A has sent B bank money 10,000 won” will be automatically sent via KakaoTalk to the people involved in the transaction of bank fund. 

Bank money transfers are only available in private chat rooms, not in group chat rooms. To prevent any mistakes in transactions, a legal name of the recipient will appear on the transfer window. Transaction histories and account balance can be checked as well. 

The user can make purchases and payments for not only online and mobile stores but also offline stores with NFC card readers. At online and mobile stores, the user can select Bank Wallet Kakao as the means of payment and type in the password. At offline stores, the user can turn on the Bank Wallet application and put it to the card reader. 

If selecting the “ATM card” on Bank Wallet Kakao application, one can use the ATM machine to check the account balance, make a wire transfer or withdraw cash, simply by touching the dongle with smartphone. 

In order to prevent any abuse of the service, the user must clear the authentication process called the “two-channel authentication” scheme. Reportedly, Kakao and the Korea Financial Telecommunications and Clearings Institute are going to declare the opening of Bank Wallet Kakao service officially at the beginning of next month.

Written by Robin Koo (linguistkoo@koreabizwire.com)

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