SEOUL -- Kakao Pay, a digital payment subsidiary of web service giant Kakao, has released an independent smartphone application for its digital payment service platform.
Kakao Pay was first introduced as an integrated digital payment feature for Kakao Talk, the smartphone messenger app which has about 50 million users, in 2014. The digital wallet service quickly gained popularity among smartphone users for quick and easy online transactions as well as other financial services. Kakao Pay became Kakao's subsidiary in 2017.
Kakao Pay said in a statement on Thursday that it became a one-stop digital finance service with the release of the app for its digital wallet service. Kakao Talk users can use the same digital payment service.
"Kakao Pay app will be developed into a financial-focused app that can recognize and freely use Kakao Pay's new services, which will expand into specialized financial areas as well as existing services," Kakao Pay said.
Kakao Pay will open an investment fund service for investment in an eco-friendly energy development business operated by the Ministry of Oceans and Fisheries. The digital wallet service said that it would donate a certain portion of profit to Save the Children, an international umbrella organization for children.
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