Alipay, China's leading third-party online payment solutionAlipay, China's leading third-party online payment solution

Kakao Pay

The Kakao Pay 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.

Kakao Pay 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 Kakao Pay:

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/Dispute

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 Kakao Pay app authorization process:

kakaopay.png

Figure 1. Authorization process