KakaoPay

KakaoPay is a mobile wallet operated by Kakao, a South Korean internet company.

As with most wallets, customers link a funding source to their wallet and receive a simple ID and password with which to make payments. Online and mobile payments via contactless NFC and QR-code are possible.

KakaoPay is also incorporated into KakaoTalk, the instant messenger service from Kakao, which allows users to send and request funds between contacts.

KakaoPay has more than 10 million users in South Korea.

Regions
Type Wallet
Company behind LPM Kakao
Market share details KakaoTalk is the messaging app of choice of 97% of Korea’s smartphone users. As of October 2018, KakaoPay transactions made using the service exceeded 2.3 trillion won (US$ 2.04 bn) monthly.
Market relevance High
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