South Korean messaging firm partners banks on mobile wallet

South Korean messaging firm partners banks on mobile wallet

South Korean Web giant Daum Kakao has teamed up with 16 banks to launch a mobile wallet service for online, offline and person-to-person payments.

The company - recently created by the merger of search engine Daum and messaging outfit Kakao - is working with the banks via the Korea Financial Telecommunications and Clearings Institute (KFTC) on the BankWalletKakao app.

Once users have linked up to 25 bank cards to a chargeable virtual account operated by the KFTC and banks, they can transfer money to friends by tapping the KakaoTalk social graph messaging system, without needing recipients' bank details.

BankWalletKakao users can also make online purchases at participating retailers such as KakaoTalk’s Gift Shop, KakaoPick, and Hanssem Mall. NFC-based payments can be made at shops including E-mart, 7-Eleven and Shinsegae and AK department stores. The app can even be used for cash withdrawals at over 75,000 ATMs.

Daum Kakao says that transaction data are encrypted along the entire process so even service operators cannot access the information. All transaction activity is carried out through bank systems, with the Web firm syncing its messaging platform.

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