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Kakaopay to Expand Offline Payment Service

Kakaopay to Expand Offline Payment Service

SEOUL, May 20 (Korea Bizwire) — Kakaopay Corp. said Monday that it will expand its offline payment business to solidify its status as South Korea’s leading fintech service platform provider. Kakaopay said it plans to launch its own application within this year so that more users can use credit cards through the one-click payment system [...]

KakaoPay Growing Exponentially

KakaoPay Growing Exponentially

SEOUL, Jan. 23 (Korea Bizwire) — KakaoPay Corp., a South Korean mobile payment platform, surpassed 20 trillion won (US$17.6 billion) in annual transactions last year for the very first time since its launch in September 2014. Transaction volume jumped by more than five times compared to the previous year (US$3.35 billion). Analysts say that KakaoPay [...]

Electronic Payments Hit Record High in 2017

Electronic Payments Hit Record High in 2017

SEOUL, April 3 (Korea Bizwire) — The amount of payments made electronically hit a fresh record high last year amid a growing trend of South Koreans using the Internet and mobile devices to carry out their financial transactions, central bank data showed Tuesday. The daily average for electronic financial transactions came to 468.8 billion won [...]

Kakao Pay Surpasses 20  Million User Milestone

Kakao Pay Surpasses 20 Million User Milestone

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 [...]

Naver and Kakao Clash with Similar Services but Different Strategies

Naver and Kakao Clash with Similar Services but Different Strategies

SEOUL, April 11 (Korea Bizwire) – Korean internet giants Naver and Kakao are battling to take the lead in O2O (online to offline) businesses. Due to a limited number of different kinds of business opportunities to tackle in the IT industry, the projects laid out by the two companies are often in conflict. However, since the two [...]

How Fast Can Korea’s “Fintech” Industry Grow?

How Fast Can Korea’s “Fintech” Industry Grow?

SEOUL, Oct. 8 (Korea Bizwire) – Recently the so-called “fintech” has been in vogue. A compound word between finance and technology, fintech encompasses services such as mobile payment, mobile money transfer, crowd funding, and the like. The main reason the word fintech has become more familiar with us is services like KakaoPay by Kakao Inc. and [...]

Competition Increasingly Fierce among E-commerce Payment Service Providers

Competition Increasingly Fierce among E-commerce Payment Service Providers

SEOUL, Sep. 23 (Korea Bizwire) — Competition between e-commerce payment service providers is dramatically increasing as KakaoTalk, a multi-platform texting application provider, launched its new mobile payment service KakaoPay. According to the leading app company on September 21, more than 130,000 users have joined the service only in about 20 days right after the launch. [...]