KakaoPay (

Hangul The Korean alphabet, known as Hangul, . Hangul may also be written as following South Korea's standard Romanization. ( ) in South Korea and Chosŏn'gŭl in North Korea, is the modern official writing system for the Korean language. The let ...

: 카카오페이) is a

mobile payment A mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device, as the cardinal class of d ...

and

digital wallet A digital wallet, also known as an e-wallet, is an electronic device, online service, or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and services. This can ...

service by

Kakao Kakao ( ko, 카카오) is a South Korean internet company that was established in 2010. It formed as a result of a merger between Daum (web portal), Daum Communications and the original Kakao Inc. In 2014, the company was renamed Daum Kakao. Th ...

based in South Korea that allows users make

mobile payments A mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device, as the cardinal class of d ...

and online transactions. The service supports

contactless payments Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near-field communication (NFC, e.g. Samsung P ...

using near-field communications and

QR codes A QR code (an initialism for quick response code) is a type of matrix barcode (or two-dimensional barcode) invented in 1994 by the Japanese company Denso Wave. A barcode is a machine-readable optical label that can contain information about the ...

. KakaoPay is incorporated into

KakaoTalk KakaoTalk (Hangul: 카카오톡), commonly referred to as KaTalk (Hangul: 카톡) in South Korea, is a mobile messaging app for smartphones operated by Kakao Corporation. It was launched on March 18, 2010, and it is available on mobile and deskto ...

, the mobile instant messenger from Kakao.

Service

The payment service first launched on September 4, 2014 with integration with their messaging app,

, allowing people to request and send money to people in their contacts. Since its launch, Kakao has expanded into other financial services by launching their own online bank called Kakao Bank and releasing their own

debit card A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term '' plastic card'' includes the above and as an identity document. These are similar to a credit card, but u ...

. In April 2017, KakaoPay Co., Ltd. was established to run the payment services operated by the company. KakaoPay crossed the 10 million user mark after 20 months since its launch. More features have been added to the service like the ability to send remittances, send invoices, and complete online transactions on mobile. With the rapid increase in users and payment transactions, KakaoPay received a $200M investment from

Alibaba Ali Baba (character), Ali Baba is a character from the folk tale ''Ali Baba and the Forty Thieves''. Ali Baba or Alibaba may also refer to: Films * Ali Baba and the Forty Thieves (1902 film), ''Ali Baba and the Forty Thieves'' (1902 film), a F ...

Ant Financial Ant Group ()'','' formerly known as Ant Financial, is an affiliate company of the Chinese conglomerate Alibaba Group. The group owns the world's largest mobile (digital) payment platform Alipay, which serves over 1.3 billion users and 80 million ...

, the parent company of

Alipay Alipay () is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma. In 2015, Alipay moved its headquarters to Pudong, Shanghai, although its parent company An ...

, a mobile payment service in China.

References

Sites That Accept KakaoPay

Coupang (쿠팡)

Yogiyo (요기요)

Interpark (인터파크)
{{Mobile payments Kakao Mobile payments in South Korea