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 became live for the first time, allowing users to send and receive money from their contacts through the KakaoTalk messaging app. Kakao has branched out into additional financial services since its inception, launching an online bank known as Kakao Bank and a debit card. KakaoPay Co., Ltd. was founded in April 2017 to manage the company's payment services.

Twenty months after its debut, KakaoPay attracted more than 10 million users. New capabilities for the service include invoicing, remittances, and the ability to conduct business online from a mobile device. KakaoPay, a South Korean mobile payment provider, has secured a $200 million investment from Ant Financial, the parent firm of Alipay, a Chinese mobile payment service.

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