Kakao Pay

The South Korean tech company Kakao offers its customers a mobile payment and digital wallet service called KakaoPay.The service allows for NFC (near-field communication) and QR code-based contactless payments. KakaoTalk, the company's mobile instant chat, now includes the payment system KakaoPay.

On September 4, 2014, the service debuted alongside KakaoTalk, a chat software, allowing users to send and receive payments from others in their address books. Since its inception, Kakao has branched out into other areas of the financial sector by introducing Kakao Bank, an online bank, and the Kakao debit card. In order to manage the company's payment services, KakaoPay Co., Ltd. was founded in April 2017.

After 20 months in operation, KakaoPay had reached 10 million users. The service has expanded to allow users to remit money, submit invoices, and conduct business online, all from a mobile device. KakaoPay received a $200 million investment from Ant Financial, the parent firm of Alipay, a mobile payment service in China, due to the rapid growth of both its user base and transaction volume.

Founded: September 5, 2014
Headquarters: Korea
Website: https://www.kakaopay.com