Kakao Pay boasts 5 mln users just one year after launch

September 16, 2015

SEOUL (Yonhap) — South Korea’s top mobile messenger operator Daum Kakao Corp. said Tuesday its mobile payment platform Kakao Pay currently has more than 5 million users, a figure equivalent to 20 percent of the country’s total credit card users.

Introduced in September 2014 and similar to the world-famous Pay Pal, users pre-register their credit and debit cards, and make transactions simply by typing in their passwords. It was first introduced in September 2014.

Daum Kakao, which has been rolling out various services on the back of 37 million local users of the KakaoTalk mobile messenger, said around 10 million transactions have been made through the Kakao Pay service.

The company said one Kaka Pay user made a 7.57 million-won (US$6,403) purchase in a single transaction. Around 60 percent of users are females, and 46 percent are in their 20s, it added.

Daum Kakao said it will continue efforts to expand the scope of its platform so utilities and other bills can be automatically paid.

Daum Kakao has been making efforts to roll out various services on the back of the strong local users of its free messenger app. It also showcased the cab-hiring app Kakao Taxi earlier this year.