Korean e-wallet Kakaopay new local version of “Yuebao”

Koreans also have their own “balance treasure”! According to Korean media latest report: South Korea Mobile Payment Application Kakaopay works with Baro Investment Securities Company this week to launch a monetary fund in our mobile phone. Referring to the Chinese national “money bag”, the balance of the long in Alipay, the Korean version of the Korean version of Kakaopay will help Koreans can also “money money” in mobile phone purse, thus digital investment Manage your own idle funds.

Kakaopay Chief Operating Officer Li Zhen (Transliteration) clearly said: “We will cooperate with Baro investment securities company to upgrade the ‘Kakaopay funds’ service, optimize our financial services. We will provide a wealth management platform similar to the balance treasure in Korea.” according to Li Really, Kakaopay plans to open a pilot service. At present, the average annual interest rate of South Korea’s commercial banks is 0.1% to 0.3%, while new services can provide users with higher benefits. Kakaopay said that the expected return will vary depending on the type of investment, but as long as the account has funds, it can guarantee 1% annual rate of return.

With this new service, Kakaopay can provide users with return on investment and security measures like financial institutions. It is understood that since the launch of the balance treasure since 2013, it has exceeded 600 million users.

As early as in February 2017, the antfolded community has reached a strategic cooperation with South Korea Instant Communications Kakao, investing in Kakao’s mobile financial subsidiary Kaokaopay, jointly developing South Korea’s online and mobile payment market. Today, Kakaopay has been paid, and has become the largest integrated digital financial service of Korea. Kakaopay has a tax payment, insurance, credit score, borrowing, and other diversified proximal financial services.


In South Korea, 2 “Alipay” in China will often appear in the same line in consumer scene, a serving Chinese tourists, a serving Korea local user. At the end of last year, through the cooperation with Alipay, Kakaopay took the lead in opening the Korean users to China Macau’s offline scan code, Macau’s catering, shopping, supermarkets, South Korea tourists can open themselves like Chinese mainland. The mobile phone uses his own “Alipay” to sweep, which is convenient for Korean tourists’ outbound travel digital consumption experience.


Market analysts pointed out that last year, Kakaopay’s annual transaction volume has been estimated to have more than 500 trillion won (about 296.6 billion yuan), which has doubled more than 20 trillion won over the same period last year. The company’s goal is to attract 30 million users and become the first mobile payment service in Korea.

Lee Wenyao

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