Kakao’s mobile payment service Kakao Pay is preparing to go public by the first half of next year confirmed the company's spokesperson on Monday.
Toss operator Viva Republica has released its own payment gateway, allowing subscribers to make purchases online using its app. It took over mobile operator LG U+'s payment gateway in December to establish its own service, Toss Payment.
The Financial Services Commission (FSC) on July 26 announced a major overhaul of digital finance regulations in Korea, which have changed little since 2006.
Two mobile payment giants, Kakao Pay and Toss, recently announced that they would take stronger responsibility for fraudulent payments and promised to offer up-front compensation.