KakaoPay Launches New service “Transfer to Bank”


KakaoPay announced the release of its mobile money transfer app’s new features and its expanded partnerships with several more financial institutions in to provide a more convenient service to its users.

On March 9th, Kakao announced its addition of the “Transfer to Bank” feature that applies to all banks and other financial institutions including post offices and mutual finance services.

“Transfer to Bank” allows users to conveniently transfer money to their bank accounts directly from the messenger app Kakaotalk, without having to install any additional application or paying fees. Users can choose ‘Transfer to Bank’ from the existing KakaoPay transfer interface and use their password or fingerprint to verify their account. This feature enables a simple and easy money transfer to anyone, especially those who are not their existing Kakaotalk friends or KakaoPay users.


Users can safely transfer money to their bank account from their Kakaotalk chat without using any authentication certificate or OTP (one time password) just like the existing KakaoPay transfer. Moreover, KakaoPay Transfer adopted another new feature “Nag” that allows users to ‘nag’ at their friends to pay them back from Kakaotalk group chat. This feature is useful for dividing group expenses. Users can send the request with a witty message in the  Kakaotalk group chat.

After launching its beta service in April 2016, KakaoPay has been consistently working to improve its user experience. KakaoPay added other new features such as fingerprint verification for payments as well as partnering with Hana Financial Group to offer One on One exchange for KakaoMoney to Hana Money starting from last year. Its alliances with other financial institution have increased two-fold since the time of its launch, increasing its usability.


Kakao plans to grow the service so everyone can transfer money conveniently and safely using KakaoTalk.


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Cathy is a staff writer with Tech For Korea where she writes about interesting startups in Korea. She worked for a startup company Buttercups over the summer in Bangalore, India. She is also a student in Carnegie Mellon University. Cathy can be reached at hwaeunsh@techforkorea.com.


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