KakaoPay
The KakaoPay wallet was founded in 2014 by Kakao Group which is a leading mobile Internet company in South Korea. Kakao Group is the first company to provide mobile payment and is the most popular mobile payment and digital wallet in South Korea.
KakaoPay allows users to make mobile payments or online transactions. It provides services such as online shopping, bill payment, insurance, loans, and investment. Those services support near field communication and QR code scanning to make non-contact payment.
Properties
The following table lists the product properties supported by KakaoPay:
Payment type | Alipay+ payment method | ||
Payment flow | Redirect | Checkout Payment | ✔️ |
Buyer country/region | South Korea | Auto Debit | ✔️ |
Funds deduction | Real-time | Refund | ✔️ |
Processing currency | KRW | Partial refund | ✔️ |
Minimum payment amount | 50 KRW | Chargeback | ❌ |
Maximum payment amount | 2,000,000 KRW for single transaction (Except for gaming merchants: Hana and Samsung - 500,000 KRW, Hyundai - 110,000 KRW, NH - 100,000 KRW, BC - 50,000 KRW) | Refund period | 365 days |
User experience
The following graphic shows the KakaoPay app authorization process:
Figure 1. Authorization process