The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_X_on_2023.svgbt_X_over_2023.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_X_on_2023.svgbt_X_over_2023.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Busan eyes Expo 2035 after losing to Riyadh

  • 3

    Cargo ship submerged off Korea's southwestern coast; no crewmen found

  • 5

    Seoul to introduce 'English tutor robots' for young students

  • 7

    Netflix's 'Sweet Home 2' gets full upgrade: director

  • 9

    Birthrate might fall below 0.7 in Q4

  • 11

    4.0 magnitude quake hits southeastern city of Gyeongju

  • 13

    Remaining BTS members to begin military service next month

  • 15

    Chanel, Hermes, Nike rectify customer policies after FTC warning

  • 17

    Dog meat traders up in arms over gov't plan to end dog meat consumption

  • 19

    Supreme Court upholds ruling in favor of Korean American singer over visa issuance

  • 2

    December brings mix of action, thriller, romance to small screen

  • 4

    US, S. Korea cast doubt over NK's satellite photos

  • 6

    BTS wins 2023 MAMA Award for Worldwide Icon of the Year

  • 8

    NewJeans wins Artist of the Year at 2023 MAMA Awards

  • 10

    Saudi Expo win puts Korean firms in line for contracts

  • 12

    SPECIAL REPORTKorea should embrace cultural diversity in integrating immigrants

  • 14

    Busan citizens disappointed but ready for World Expo 2035 bid

  • 16

    INTERVIEWASTRO members aim to shine in musical theater

  • 18

    Debate heats up on earthquake emergency alert system

  • 20

    Samsung Electronics appoints younger figures in personnel reshuffle

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Fri, December 1, 2023 | 18:23
Companies
Kakao Pay aims for 10 bil. annual transactions by 2026
Posted : 2023-05-15 16:02
Updated : 2023-05-16 17:02
Anna J. Park
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Kakao Pay CEO Shin Won-keun speaks during a press conference held at Conrad Seoul Hotel in Yeouido, Seoul's financial district, Monday. Courtesy of Kakao Pay
Kakao Pay CEO Shin Won-keun speaks during a press conference held at Conrad Seoul Hotel in Yeouido, Seoul's financial district, Monday. Courtesy of Kakao Pay

Mobile payment available in 11 overseas countries

By Anna J. Park

Kakao Pay, the mobile payment subsidiary of tech conglomerate Kakao, has proclaimed its goal to achieve 10 billion transactions per year within the next three years, and step up as the country's most frequently used financial application platform that caters to customers' financial needs.

During a press conference held at Conrad Seoul Hotel, Monday, Kakao Pay CEO Shin Won-keun highlighted that the mobile payment firm is aiming to create a close-knit financial ecosystem centering on Kakao Pay's platform.

"The targeted number of aggregated transactions of 10 billion per year would mean that every Korean over the age of 15 would use Kakao Pay at least once every day to solve their various financial needs," Shin said during the press conference.

As of last year, the annual number of app users stood at 30 million, with an annual transactional amount of 118 trillion won ($88.1 billion). The aggregate number of annual transactions exceeded 3.2 billion that year.

Based on the massive amount of big data accumulated from customers' payment records as well as top-notch artificial intelligence (AI) technology, the head of the firm vowed to develop the mobile payment application into a more sophisticated and personalized financial platform that offers solutions to customers' various needs.

Kakao Pay CEO Shin Won-keun speaks during a press conference held at Conrad Seoul Hotel in Yeouido, Seoul's financial district, Monday. Courtesy of Kakao Pay
Kakao Pay CEO Shin Won-keun speaks during a press conference held at Conrad Seoul Hotel in Yeouido, Seoul's financial district, Monday. Yonhap

The company's accelerated growth as a global payment service will be one of the main pillars of the firm's future strategic direction. Currently, Kakao Pay is either available or under pilot program operation in a total of 11 countries. In Japan, China, Macao, Singapore and France, Kakao Pay is seeking to increase the number of affiliated stores where the mobile app can be used directly. The mobile payment firm is also testing its usability with pilot programs in Italy, Germany, the U.K., Australia, Malaysia and the Philippines.

In addition, the Korean mobile payment firm is working on strengthening partnerships with overseas payment businesses in key Asian countries. Kakao Pay has been mutually linking services of China's Alipay, Hong Kong's AlipayHK, the Philippines' Gcash, Malaysia's Touch 'n Go, Thailand's Truemoney, Singapore's Ezlink, Japan's Paypay, Vietnam's ZaloPay and Indonesia's Dana so that customers of these payment services can still use them at Kakao Pay's affiliated stores in Korea.

"Since Kakao Pay started its overseas payment business in Japan in 2019, the firm has continued its global expansion. As inbound tourists from these nine countries account for some 80 percent of the entire number of annual foreign visitors to Korea, Kakao Pay's strengthened partnership with these representative payment services of each of the countries will also contribute to local affiliated stores' earnings," Shin said.

Kakao Pay CEO Shin Won-keun speaks during a press conference held at Conrad Seoul Hotel in Yeouido, Seoul's financial district, Monday. Courtesy of Kakao Pay
Kakao Pay CEO Shin Won-keun speaks during a press conference held at Conrad Seoul Hotel in Yeouido, Seoul, Monday. Yonhap

The company also plans to strengthen its competitiveness in the areas of investment, loans and insurance. Kakao Pay Securities, a brokerage subsidiary of the fintech payment firm, has posted solid growth in its number of transactions and market share.

The brokerage affiliate of Kakao Pay acquired a significant stake in Siebert Financial Corporation, a U.S.-headquartered brokerage and advisory firm, early this year. The company boasted that it can offer the lowest fees on trading overseas stocks among Korean brokerage companies, while planning to strengthen overseas strategic business expansion in the U.S. as well.

With regard to Kakao Pay Insurance, the non-life insurance subsidiary of the fintech company, Shin said he plans to innovate the whole processes of insurance with its service.

"We aim to shift widely accepted paradigm of insurance with our service. Insurance plans by Kakao Pay Insurance are differentiated from other firms' products as it innovates existing insurance plans. For instance, users can make their own insurance plans by selecting specific areas of coverage and premiums, while some plans give users a discount when a group of people applies them together. There are many other new attempts like this to offer new insurance experiences for customers," he said.

Regarding questions about a recent market rumor involving Kyoto Life's potential acquisition of Kakao Pay Insurance, the chief of the firm said while the insurance affiliate is examining various options for its further growth, including external strategic partners and investments, it is not considering selling any of its stakes or management right.


Emailannajpark@koreatimes.co.kr Article ListMore articles by this reporter
 
wooribank
LG group
Top 10 Stories
1Dog meat traders up in arms over gov't plan to end dog meat consumption Dog meat traders up in arms over gov't plan to end dog meat consumption
2Debate heats up on earthquake emergency alert system Debate heats up on earthquake emergency alert system
3Death of Jogye Order heavyweight Ven. Jaseung shocks Buddhist world Death of Jogye Order heavyweight Ven. Jaseung shocks Buddhist world
4Experts forecast greater difficulties in inter-Korean relations if Trump reelected Experts forecast greater difficulties in inter-Korean relations if Trump reelected
5Hyundai E&C to change Daejeon skyline with new high-rise apartment complex Hyundai E&C to change Daejeon skyline with new high-rise apartment complex
6Tving and Wavve begin merger talks Tving and Wavve begin merger talks
7KT cuts executives by 20%, hires external figure to spur digital innovation KT cuts executives by 20%, hires external figure to spur digital innovation
8Will Hanwha Q Cells desert Korean market? Will Hanwha Q Cells desert Korean market?
9Yoon reinstates policy chief post to strengthen grip on state affairs Yoon reinstates policy chief post to strengthen grip on state affairs
10Korea's exports to bounce back in 2024 on rising demand for advanced chips, batteries Korea's exports to bounce back in 2024 on rising demand for advanced chips, batteries
Top 5 Entertainment News
1[INTERVIEW] ASTRO members aim to shine in musical theaterINTERVIEWASTRO members aim to shine in musical theater
2'Our Season' director, veteran actor discuss creating relatable mother-daughter story 'Our Season' director, veteran actor discuss creating relatable mother-daughter story
3[INTERVIEW] Hip-hop group Uptown returns after 13 years with new lineup INTERVIEWHip-hop group Uptown returns after 13 years with new lineup
4ONE PACT debuts hoping to leave big impact on K-pop scene ONE PACT debuts hoping to leave big impact on K-pop scene
5December brings mix of action, thriller, romance to small screen December brings mix of action, thriller, romance to small screen
DARKROOM
  • It's beginning to look a lot like Christmas

    It's beginning to look a lot like Christmas

  • 2023 Thanksgiving parade in NYC

    2023 Thanksgiving parade in NYC

  • Appreciation of autumn colors

    Appreciation of autumn colors

  • Our children deserve better

    Our children deserve better

  • Israel-Gaza conflict erupts into war

    Israel-Gaza conflict erupts into war

  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher: Oh Young-jin
Digital News Email: webmaster@koreatimes.co.kr
Tel: 02-724-2114
Online newspaper registration No: 서울,아52844
Date of registration: 2020.02.05
Masthead: The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group