On June 27th, KakaoPay (CEO: Youngjoon Ryu) launched ‘KakaoPay Authentication’, a mobile messenger-based digital signature and authentication service.
‘KakaoPay Authentication’ eases the authentication process between the institution and customers by digitally documenting and delivering customer signatures, which was digitally signed on KakaoTalk message, to the institution. KakaoTalk users can use this service on KakaoTalk without having to download an app, and KakaoPay users only have to authenticate once with mobile identification and confirm one’s account possession.
Via a KakaoTalk message, users can confirm important documents, which require digital signatures, and securely complete the signature by simply inserting passwords. Possible forms of documents include a consent to private data collection, a consent to credit card inquiry, an insurance subscription and a loan contract.
Blockchain-based mobile authentication service that makes document forgery impossible
‘KakaoPay Authentication’ maximizes its security by employing Public Key Infrastructure (PKI), equivalent to that of accredited certificate, and blockchain technology, with an additional layer of security equipments, such as anti-mirroring and anti-hijacking. It is expected to utilize Fast Identity Online (FIDO) enabled fingerprint authentication to further optimized usability and security.
Another noteworthy aspect of the service is its accessibility. Not having to issue and copy the documents over to a mobile device from a PC, one can, after issuing documents on a smartphone (available on both android and iOS), utilize them on a browser both on PC and mobile. KakaoPay is working towards the goal of releasing App-to-App authentication by the end of 2017.
Currently adopted by 7 institutions including Shinhan Life, Hanhwa General Insurance and Daeshin Security
After its release, ‘KakaoPay Authentication’ has been adopted by 7 institutions: ShinHan Life, Hanhwa General Insurance, Daeshin Security, KT Estate, Lina, Korea Food for the Hungry International, and Doctors without Borders.
KakaoPay plans to increase the number of its institutional partners, especially those in financial / government / public sectors, to 15 by the end of this year. The strategy is to quickly invigorate ‘KakaoPay Authentication’ by providing simple authentication services such as Easy-Login for corporate and public institution websites and two-channel authentication for financial institutions.
Excellent cost saving for institutional partners
Institutions using ‘KakaoPay Authentication’ is expected to enjoy various benefits such as enhanced customer satisfaction and cost reduction through improvement of customer contact process. First of all, it is possible to shorten the response time of the call center and scale down relevant operation cost by replacing the process of customer service recording and advanced record system (ARS) with the digital documents. It further minimizes the printing and mailing cost by using verification of receipt from the digital signatures.
KakaoPay CEO YoungJoon Ryu stated, “‘KakoPay Authentication’ is a service that, like other KakaoPay payment and transfer services, aims towards our vision of ‘Wallet-less’ future.” He added, “We will rapidly expand our institutional partnerships so that more users can savor our convenient authentication service.”
More details on ‘KakaoPay Authentication’ are available on the official website (in Korean).
Picture Provided by KakaoPay