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Kakao Corp. to Launch Debit Cards to Compete in Offline Payment Market

Kakao Corp. to Launch Debit Cards to Compete in Offline Payment Market

SEOUL, Jan. 5 (Korea Bizwire) — Kakao Corp., the operator of the country’s top mobile messenger service Kakao Talk, will launch debit cards next week to jump into the offline payment business, company officials said Friday. Promotional events are already under way before the official launch Wednesday for the debit cards that will be linked [...]

Credit Card Companies to Roll Out Modifications to Enable “Going Dutch”

Credit Card Companies to Roll Out Modifications to Enable “Going Dutch”

SEOUL, Sept. 20 (Korea Bizwire) – After holding talks with CEOs of credit card companies in July and August, the Financial Services Commission (FSC) publicly disclosed that modifications to payment processing procedures will be implemented. One of the key points of the announced modifications is a system that will allow groups of restaurant-goers to split [...]

Kakao Pay Institutes QR Code Payment System

Kakao Pay Institutes QR Code Payment System

SEOUL, Sept. 20 (Korea Bizwire) – Kakao has announced that it has added QR code identification technology that will enable users to process payments with a simple snapshot to its Kakao Pay service.  The technology is currently available on Kakao’s Chinese counterparts Alipay and WeChat Pay. Users snap photos of QR cards in shops and [...]

Fintech Reshaping the South Korean Financial Industry

Fintech Reshaping the South Korean Financial Industry

SEOUL, Jun. 14 (Korea Bizwire) — The rise of fintech is reshaping the landscape of the South Korean financial industry. Fintech, a portmanteau of the words ‘finance’ and ‘technology’, refers to the use of IT services to replace traditional human-based processes or interaction, examples of which include internet payment systems such as Paypal. Similar services [...]