SEOUL, Feb. 3 (Korea Bizwire) — Kim Seung-hwa usually visits banks at this time of year to get crisp new bills to prepare to give Lunar New Year’s cash gifts to her relatives. This year, the 37-year-old office worker in Seoul deposited 300,000 won (US$267) in her digital wallet, Kakao Pay, so she could wire [...]
SEOUL, Dec. 4 (Korea Bizwire) — Kakao Pay announced on Monday that it will be adding a ‘sprinkle’ service using its money-wiring function. The ‘sprinkle’ service allows a user to share a certain amount of money with their friends in a KakaoTalk chatroom. The user first selects the number of recipients and the amount of [...]
SEOUL, Nov. 20 (Korea Bizwire) — Kakaopay Corp., a South Korean mobile payment platform provider, said Tuesday that four investment products sold out in just four hours and 20 minutes on the first day of launch. On Monday, the company said it will launch a new service called Kakao Investment, allowing users to invest in [...]
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 [...]
SEOUL, Aug. 14 (Korea Bizwire) — The amount of money transferred via South Korea’s P2P service applications surged nearly five times on-year in 2017 on the back of its growing popularity among young customers, the financial watchdog said Tuesday. According to the data compiled by the Financial Supervisory Service (FSS), the amount of transactions via [...]
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 [...]
SEOUL, Sept. 22 (Korea Bizwire) — A new survey has revealed South Korean customers are most satisfied with Samsung Pay when it comes to simple payment services. According to findings from the survey conducted by Korea Consumer Agency with a sample of 1,200 respondents, Samsung Pay was found to be the preferred simple payment service [...]
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 [...]
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 [...]
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 [...]