South Korean chat app giant Kakao said its mobile payment APP Kakao Pay 2018 annual turnover of more than 20 trillion trillion won (about 17.7 billion U.S. dollars), cementing the company’s undisputed position as an industry leader in South Korea.
Kakao Pay is a mobile payment and money transfer service launched by Kakao in 2014. Similar to WeChat wallet for Chinese chat app WeChat, KaKAO Talk is a popular social app in South Korea.The service has since added QR codes, bar codes and offline payments.
In March last year, the total monthly trading of Kakao pay for the service was more than 1 trillion won for the first time. That number continues to grow, with total trading of 2 trillion won and 3 trillion trillion won in September and December last year, respectively.
According to Kakao company, 26 million users use Kakao a month pay–accounts for more than half of South Korea’s 50 million people. As of June 2016, the mobile payment app has accumulated 10 million users. By October 2017, that number had risen to 20 million.
Kakao also received a $200 million investment from Alibaba’s Ant Financial in 2017.
At present, Alipay offline sweep code payment in South Korea Seoul Myeongdong and other areas outside the use of little, Kakao pay one but with Alipay exchange, That means south koreans will be able to use Kakao Pay in more offline scenes, while Chinese tourists will be able to use Alipay in those scenes.
Kakao Pay plans to launch an overseas payment service this year, the company said.
Kakao has been expanding into various business areas, taking advantage of its position in South Korea’s chat software industry. Kakao Talk, its chat app, now has more than 30m local users.
Kakao pay is in the KakaoTalk app just need to bind a credit or debit card，You can enter your password at the time of payment to use the mobile payment service。You can pay online with your credit or debit card on your mobile phone，If you have multiple CARDS, you can also bind them together and use the same password.
Kakao expanded its ride-hailing service Kakao Mobility to Japan in December.
Overall, Kakao has been a huge success in transportation and payment services.