On January 19th, Kakao Corp. introduced its in-house payment system, Kakao Pay with API (Application Programming Interface). Melon, Kakao’s subsidiary digital music service, will be the first franchisee to use Kakao Pay for the users to pay the service fee.
Kakao Pay’s API payment sets in-house technology as the foundation. The company has been bolstering its FinTech technology competence since the introduction of Kakao Pay, the first mobile payment service in South Korea, in September 2014,.
From the franchisee’s point of view, Kakao’s latest API-based payment technology will allow the franchisee to implement the mobile payment system by circumventing Payment Gateway (PG) companies. Payment can be done through a credit card or Kakao Money. Kakao Pay also allows combined payment, where users can combine the abovementioned payment methods with Kakao Point. The newly introduced payment system can also cater to the franchisee’s business needs by giving more billing options such as recurring billing and one-time billing. Melon, for example, has implemented recurring billing given the nature of music streaming service business.
There is no need to download a separate payment app as Kakao Pay is a built-in service within Kakaotalk. Prospective franchisees can also use the Kakao Developer Page to find out the best payment method that is tailored to their business needs.
On another note, Kakao will expand its free supply of voice API to 20,000 cases per day, marking the highest free use range in Korean voice API. Voice technology is seen as one of the hottest topics within the IT arena, as it is a critical technology used in booming business including Artificial Intelligence (AI) and mobile personal assistant. Kakao’s expansion is likely to serve as a catalyst to Korea’s AI technology development.
– Inspired by Platum