What is Kakao Pay? Kakao Pay Review, Features

KakaoPay is a mobile payment and digital wallet service launched by South Korea's Kakao Corporation. It is the largest comprehensive digital financial service platform in South Korea.

About Kakao Pay

• Kakao Pay allows users to make mobile payments and online transactions, supporting contactless payments using near-field communication and QR codes;
• Koreans can also use Kakao Pay to pay bills, taxes, insurance, loans, and even shop on their phones when traveling to Macau and Japan.

Features of Kakao Pay

1. Multi-scenario payment

Users can use Kakao Pay to pay for orders in online malls anytime and anywhere, or scan QR codes to pay in offline cafes, restaurants and retail stores without having to carry cash or cards, which is convenient and fast.

2. Mobile phone recharge

Recharge your mobile phone and purchase data traffic anytime and anywhere (supports the three major telecom operators in South Korea, SKT, KTF and LGT).

3. Convenient transfer

Transfer money to other Kakao Pay users easily and quickly (transfers require binding a personal bank account).

4. Bill Payment

Supports payment of electricity, water, gas, internet and other bills.

5. Investment services

Users can purchase various financial products through Kakao Pay.

Payment Process

• The user selects Kakao Pay on the payment method selection page
• Go to Kakao Pay jump page
• Payment within the Kakao Pay app
• Complete payment

Advantages

1. High market share and huge user base

South Korea has a total population of 52 million, and Kakao Pay has 26 million users, firmly occupying the position of the largest mobile payment platform in South Korea with a huge user base.

2. Strong background and leading technology

Kakao Pay relies on the natural user growth advantage of Kakao Talk, South Korea's largest social platform, compared to other e-wallets. It has also received investments from Chinese Internet giants Tencent and Ant Financial, and is favored by international capital. It occupies a leading position in payment technology in South Korea.