This announcement comes 19 months after its launch on the local market. Officially launched in September 2014, the Kakao Pay platform enables users to pre-register their credit and debit cards, and make transactions by typing in their passwords.
Backed by KakaoTalk’s 38 million local users, Kakao has been rolling out various services. Kakao also said that the largest single transaction through its Kakao Pay mobile payment service amounted to approximately USD 14,600.
Market competitor Naver has also announced it has reached 11 million users of its Naver Pay mobile payment service, one year after its launch in June 2015, according to telecompaper.com.
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