SEOUL, Oct. 27 (Korea Bizwire) – The number of users for Kakao’s simple payment service Kakaopay has reached 20 million, a first for the South Korean fintech industry, according to the company.
Kakao Pay said its user base reached 20 million on Thursday, and explained that despite Naver Pay boasting a larger user base, its competitor’s service began originally as ‘Naver Checkout’, which wasn’t a fintech service at first.
Kakao Pay was first launched in September 2014 with investment from Chinese payment service Alipay.
Thanks to the simple and convenient nature of the app, which doesn’t require users to download government-approved online certificates or go through additional security steps, Kakao Pay has gained a loyal user base, with around 2.5 trillion won having been transferred through the service so far.
Kakao Pay’s financial transaction service, which was launched in April, is now being used by around 6 million people, with the turnover during last month alone reaching 320 billion won.
With two new online payment service affiliates scheduled to be added later this year, Kakao Pay is set to branch out into the offline market during the first half of next year.
“We’ll continue creating a fintech service that adds value to customers’ lives,” said company CEO Ryu Young-joon.