SEOUL, Sept. 19 (Korea Bizwire) — Mobile payment platform provider Kakao Pay said Wednesday that the total value of its monthly transactions is forecast to surpass 2 trillion won (US$1.78 billion) this month for the first time since its launch.
More than 1.8 trillion won worth of payments was made though the one-click payment system last month, the company said. The service was officially launched in April 2017 as a separate entity from South Korea’s top mobile messenger operator, Kakao Corp.
“The monthly transaction value is expected to surpass the milestone as average daily transactions are growing rapidly,” the company said in a press release.
The platform is similar to American online payment service PayPal, as users pre-register their credit or debit cards and make transactions by logging into their messenger IDs.
Kakao has been rolling out various services, capitalizing on its 40 million South Korean users of KakaoTalk mobile messenger service.