April 19, 2024

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[THE INVESTOR] Mobile payment platform provider Kakao Pay said on April 2 that in March its total value of monthly transactions exceeded 1 trillion won (US$938 million) for the first time since its launch.

A total of 1.13 trillion won worth of payments was made though the one-click payment system last month, the company said. The service was officially launched in April 2017 as a separate entity from Korea’s top mobile messenger operator, Kakao.

“I am elated that the critical monthly transaction number has been reached,” said CEO Ryu Young-joon.

The platform is similar to American online payment service PayPal, as users pre-register their credit or debit cards and make transactions by logging into their messenger IDs.

Kakao has been rolling out various services, capitalizing on its 40 million local users of KakaoTalk mobile messenger service.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)