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Posted : 2014-07-30 16:59
Updated : 2014-07-30 18:46

Kakao to launch mobile payment service

By Chung Ah-young

Kakao, the nation's top mobile messenger service provider, will launch a new payment service in September in collaboration with nine credit card firms.

The users of KakaoTalk will be able to buy the products through the messenger service without downloading a public authentication certificate.

"We will introduce the payment service which will not require the certificate. It will dramatically make it easier for users to buy goods from the online shopping malls," an official of Kakao, said.

The service will simplify the complicated process of making a mobile payment which requires their credit card or mobile phone information and completing authentication for every payment.

Through integration of the payment modules to the KakaoTalk network, the company will help the users buy goods simply with the KakaoTalk password once they register credit card or account information at the first transaction.

Currently, customers have to use complicated payment procedures which require the public authentication certificate when they spend more than 300,000 won.

For the service, Kakao will introduce MPay operated by LG CNS as the authentication method.

However, security concerns are rising over the mobile payment as some information leakage cases were reported for the mobile app cards.

The app card enables a smartphone user to download the credit card company's app, save the credit card number and pay with the app for purchases. As the app allows users to pay with the saved credit card information, it is vulnerable to data leakage. Likewise, the new service faces similar security concerns.

However, the Kakao official said that its authentication method is comparatively safer than other means as it was approved as the safest measure by the financial authorities.

"MPay is known as the safe verification system which can replace the public keys. So we can expect it can reduce the security concerns," she said.

The company will also introduce the Bank Wallet Kakao, a mobile money transfer service via the messenger from September.

The mobile wallet will enable users to transfer a small sum of money, up to 100,000 won, via the messenger in partnership with the banks.

The Financial Supervisory Service (FSS) is looking into the banks' security to confirm whether they have enough data protection measures in place.

Through the social network service (SNS), Kakao is aiming at developing the service into more of a social financial platform by tapping a large number of users into the mobile wallet market.



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