Please bear in mind that both must be registered under the same name as the one you used to create your Kakao Talk account.īank account (Below is a list of banks that can be linked to Kakao Pay) Photo: Chosun Bizīefore getting started, there are two things you need. Kakao Pay is definitely the fintech that represents Korea, and you can even pay your bills or make investments with a few taps on your mobile phone.įind out whether payment via Kakao Pay is accepted by looking for cute signs with a QR code and Kakao Friends characters on them. I find Kakao Pay handy especially when I go out with my friends and want to split bills for meals, coffee, or movies. You have probably seen little signs with a QR code on them at your local cafes, restaurants, and retails - they indicate that payment via Kakao Pay is accepted. In a nutshell, Kakao Pay is a digital financial platform provided by Kakao Corp, through which you can pay and transfer money as well as buy things online with a matter of tapping your mobile phone screen. Expat Guide Korea has created a list of steps to help set up your Kakao Pay. At the same time, I sometimes hear that Kakao Pay can be quite complicated and confusing for non-Koreans to set up. Kakao Pay is gradually replacing conventional banking services.

With three in every four people over the age of 15 now using it, Kakao Pay has attracted more than 30 million users in the past few years. It is no exaggeration to say that literally everyone uses Kakao Talk in today’s Korea, and the app’s nation-wide popularity has allowed Korea’s tech giant to provide a new financial platform, namely Kakao Pay. Leading this trend of living without carrying bills and coins is arguably Kakao Corp.

And beyond cash and credit cards, smartphones are accelerating Korea’s transition to a completely cashless society. Cards are expected to surpass cash in terms of payment volume, making them the dominant payment method in Korea by sometime in 2020.

When you go out to a restaurant or cafe, you don’t see many people paying in cash these days. Korean society is becoming ever-digitalised, and money is no exception. How to Set Up Kakao Pay: the best mobile payment service in Korea

How to open kakaotalk account