April 26, 2024

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[THE INVESTOR] Mobile payment platform provider Kakao Pay said on Sept. 19 that the total value of its monthly transactions is forecast to surpass 2 trillion won (US$1.78 billion) this month for the first time since its launch.

More than 1.8 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.

“The monthly transaction value is expected to surpass the milestone as average daily transactions are growing rapidly,” the company said in a press release.

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.

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