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May 21, 2019

Kakaopay to expand offline payment services in South Korea

South Korea-based fintech company Kakaopay has revealed plans to launch its own mobile app in order to expand its offline payment business in the country.

The app will enable use of credit cards at offline stores through its one-click payment system.

Launched in 2017, Kakaopay is a payment service available through mobile messenger KakaoTalk. The solution also enables bill payments and direct wire transfers to any bank.

It processed more than $16.8bn payments in 2018. Last year, the firm introduced QR code service, which is available at more than 100,000 partner stores in South Korea.

Kakaopay CEO Alex Ryu was quoted by Korea Bizwire as saying: “Kakaopay allowed easier and more comfortable financial transactions through membership, online payment and wire transfer services. We plan to add new services to expand our presence.”

Initially, the firm intends to partner with major credit card companies to enable credit card payments through its QR code payment service.

Furthermore, the firm is planning to provide insurance products through social media platform, called Kakaopage.

Kakaopay also intends to offer delivery services, enabling users to make reservations and payments through its one-click system. This service will target the consumer-to-consumer (C2C) market.

In addition, the firm will also test its overseas payment service in Japan by the end of this year.

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