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Crypto

Kakao Group steps up stablecoin wallet infrastructure as KakaoPay completes PoC

KakaoPay has completed a proof of concept for digital asset wallet technology it plans to use for distributing assets such as won-denominated stablecoins. Kakao Group plans to use the result to pursue supplying related solutions to external companies and financial institutions. The PoC focused on expanding the existing KakaoPay Money wallet into an integrated wallet for on-chain assets. KakaoBank is also testing wallet linkage, stability and usability under bank-level security and regulatory requirements.

Finance

KakaoPay Q2 operating profit 58.6 billion won, up 528 percent year on year

KakaoPay posted record quarterly sales, operating profit and net profit in the second quarter, helped by a surge in financial services revenue. The company said revenue rose 40.6 percent from a year earlier to 335.1 billion won, while operating profit jumped 528.2 percent to 58.6 billion won and net profit rose 251.3 percent to 49.6 billion won. Financial services revenue increased 75 percent to 175.2 billion won.

Finance

KakaoPay Travelog check card issuance tops 500,000

KakaoPay said cumulative issuance of its KakaoPay Travelog check card, launched with Hana Card, has exceeded 500,000. The card combines KakaoPay Money for domestic payments with foreign-currency Hana Money for overseas spending. It provides Travelog benefits such as free currency exchange, waiver of overseas transaction fees and overseas ATM withdrawal fees. Users can link existing bank accounts to KakaoPay Money without opening a separate account.