SEOUL, KOREA - As new mobileremittance service Bank Wallet Kakao is ready to launch in early next month, itmerits attention if it will bring about mobile-centered reorganization of thefinancial market.
Bank WalletKakao, led by the Korea Financial Telecommunications & Clearings Institute(KFTC), is a new mobile payment service offered jointly by the nation’s 15major banks, including Kookmin, Shinhan and Woori, as well as Kakao.
Kakao isresponsible simply for providing a platform, while various finance-relatedservices are offered by the banks and the KFTC.Bank Wallet Kakao users canrecharge up to 500,000 won as bank money. They are allowed to wire money up to100,000 won each day to their Kakao friends.
Bank WalletKakao is based on the mobile messenger platform KakaoTalk which has 37 millionusers. Unlike existing Internet banking which requires users to undergo a complicatedauthenticationprocess, Bank Wallet Kakao requires only passwords, enabling users to complete moneytransfer within a few seconds.
