Korea’s No. 1 Messenger KakaoTalk to Launch Money Transfer Service

Korea’s No. 1 mobile messenger KakaoTalk will start its own mobile wallet service by which the users can make wire transfers and transactions in the second half of 2014.

On May 29, according to financial industry sources, Kakao Inc. will start servicing Bank Wallet Kakao which is an electronic wallet for wire transfer, online and offline transaction and ATM transaction.

Anyone over 14 of age registered to Internet banking service is eligible for the service and can recharge up to 500,000 won as bank money. Only one account is allowed for each device.

Bank Wallet Kakao allows wire transfers up to 100,000 won each day among users registered to the service. A text alert like A has sent B bank money 10,000 won will be automatically sent via KakaoTalk to the people involved in the transaction of bank fund.

Bank money transfers are only available in private chat rooms, not in group chat rooms.

To prevent any mistakes in transactions, a legal name of the recipient will appear on the transfer window. Transaction histories and account balance can be checked as well.

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