3 Out of Every 4 South Koreans Ages 15+ Are Using KakaoPay
KakaoPay is a popular mobile payment platform in South Korea. With more than 30 million users, it is replacing traditional card payments in the country. Currently, three out of every four people ages 15 and over are using KakaoPay in South Korea.
KakaoPay allows customers to use contactless payments for services using a QR code at meals, coffee shops, movies, and many other local stores. Users are not limited locally and can use their mobile wallet to pay online for products and services worldwide. With the number-one market position in South Korea and easy API integration via Citcon, KakaoPay is a worthwhile addition to a merchant’s payment options.
Citcon offers one simple integration for all mobile payments — including KakaoPay and 100+ other mobile wallet providers, with free setup and easy onboarding.
How Does KakaoPay Work?
Citcon’s versatile POS terminal helps merchants process KakaoPay mobile payments over WiFi or 3G/4G networks. It’s as easy as entering the payment amount and scanning the customer’s mobile wallet. The important thing to keep in mind is that most KakaoPay users execute these steps all the time. When they enter your store, this POS terminal represents to them comfort and payment security.
If you have a POS terminal already, Citcon can make it KakaoPay ready with just one API call. For businesses that are strictly eCommerce or sell through an app, online payment integration is a breeze using our API. To start accepting KakaoPay payments, call 1-888-254-4887 or email email@example.com today.
Is KakaoPay Safe?
Yes, KakaoPay is safe. In fact, thanks to tokenization, mobile wallet payments are among the most secure payment transactions. Read more about secure payment tokenization here.
Can I Use KakaoPay for Business?
Yes, you can use KakaoPay for business. In the online business realm, offering mobile payment methods can be an incentive for eCommerce shoppers to complete their checkouts without abandoning their carts. In the in-store business realm, consumer spending can be constrained by tight cash in the wallet. Removing that constraint and accepting mobile payments can encourage more spending in your store.
Sources: KakaoPay, The Korea Bizwire