KakaoPay will automatically extend the validity period of KakaoPay Money by 10 years.

KakaoPay said on Tuesday, marking the 10th anniversary of KakaoPay Money, it will extend the validity period by an additional 10 years for users whose first expiry date has arrived.

KakaoPay Money is a prepaid electronic payment instrument launched in April 2016. Under current law, prepaid electronic payment instruments are classified as claims arising from commercial transactions and are subject to a five-year commercial statute of limitations. KakaoPay has operated a 10-year validity period under its terms, based on the last top-up date or usage date.

The measure applies to users reaching the initial expiry date. The validity period will be extended automatically without a separate application.

KakaoPay plans to notify users whose expiry date is approaching via KakaoTalk messages starting April 23.

It will also provide separate guidance so users can check their asset status even if they have no usage history for more than 1 year.

A KakaoPay official said, "As a 생활 금융 platform for all citizens that has pioneered financial innovation through technology and the money ecosystem, fully protecting users' valuable assets is a natural duty." The official added, "We will continue to strengthen user protection policies that lead the fintech industry."