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Mobile Payments

Daum Kakao launches mobile payment platform

Friday 14 November 2014 | 12:39 PM CET

Daum Kakao, an internet company in South Korea, has launched a mobile payment platform called BankWalletKakao.

Daum Kakao was formed last month by the merger of Daum, a South Korean internet portals and search engines, with Kakao, the maker of the messaging app KakaoTalk.

BankWalletKakao is currently available on Android and iOS in Korea, where Daum Kakao has partnered with the Korea Financial Telecommunications and Clearings Institute (KFTC), a non-profit that oversees interbank payment systems, and 16 Korean banks to allow consumers to connect the service with their ATM cards, enable bank transfers and make online payments. To take advantage of BankWalletKakao, users link their account to an online bank account or Bank Money account (a chargeable virtual account operated by the KFTC and 13 domestic banks).

BankWalletKakao is also an online-to-offline play: it can be used at several offline retailers in Korea. These stores currently include CU. E-mart, 7-Eleven and department stores Shinsegae and AK department stores.

In September 2014, Daum Kakao rolled out KakaoPay, which allows KakaoTalk users to pay for ecommerce products and services through the messaging app.

More: Link
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