UPDATE: KakaoPay to Reach $87M

KakaoPay 100Billion

KakaoPay (CEO: Young-jun RYU) announced on August 18th that it has successfully reached 100 billion Korean won (≈ $87,782,000) in monthly transaction amount since its launch last year.

More than $87 million worth of transactions were made during the first half of August, and the company is expecting more than approximately $175 million by the end of the month. The total transaction amount in July alone was $87 million.

Recently, KakaoPay has implemented various marketing strategies based on customer needs, such as providing the latest news and entertainment and raising the limit transaction amount per day to 1 million Korean won (≈ $877). With these improved services, the company is quickly attracting more customers and boosting their monthly mobile transaction payments.

Also, KakaoPay is partnering with major Korean financial institutions to further ease the process of mobile transaction payment. On August 10th, Woori Bank and 17 other financial organizations were added as KakaoPay’s affiliated companies to facilitate KakaoPay’s ‘Transfer to Bank (계좌로)’ service – a mobile service system that allows the users to connect with their personal bank accounts and make their mobile transaction payments without commission charge.

Customers who connect their personal bank accounts with KakaoPay are now eligible to receive the limited edition of KakaoTalk emoticon of Sang-min Lee, a Korean TV celeb who is currently the spokesmodel of KakaoPay.

To find more information about KakaoPay mobile transaction service, please visit: www.kakao.com/kakaopay/index.php/sendmoney

Kelly is a student at Georgetown University studying English and Spanish. You can always find her drinking coffee, reading latest articles and watching netflix. Kelly can be reached at kelly.park@techforkorea.com.

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