Kakao Pay reported a net loss of 25.2 billion won in 2023 despite a significant increase in foreign transactions. The company plans to expand its offline payment business this year.
Kakao Pay's bid to acquire Siebert Financial, a New York-based financial company, collapsed due to regulatory concerns linked to an alleged stock manipulation incident during its acquisition of K-pop agency SM Entertainment.
Kakao Pay on Tuesday reported its second-quarter net loss of 6.2 billion won ($4.8 million), remaining in the red compared with a year ago.
Kakao Pay was raided over allegations that it pocketed multi-hundred million won worth of illegal payments from a value-added network (VAN) company in growing its franchise, according to financial regulators Tuesday.
Kakao Pay was hit by a service outage with some users unable to send or receive cash transactions Monday afternoon. The outage began around 12:10 p.m. and lasted until 2:15 p.m., according to Kakao Pay.
Samsung Pay and Naver Pay services will be interlinked from Thursday, Samsung Electronics announced Wednesday. The announcement comes a day after Apply Pay began service in Korea.
Kakao Pay, the online payment unit of Korean tech company Kakao, said Tuesday it swung to the black last year thanks to increased financial income.
Kakao has almost recovered from a server-farm outage that took most of its major offerings offline for a few days in October. Use of KakaoTalk is almost back to where it was a year ago, according to MobileIndex. On Dec. 9, the average ...
Kakao Pay fell more than 14 percent intraday on Friday. After the market opened Friday, Kakao Pay traded at 40,100 won ($28.4) at the lowest point, recording a 52-week low.
SK Telecom was removed from the Morgan Stanley Capital International (MSCI) ACWI index in the investment research firm's August quarterly review released Friday. Kakao Pay failed to make it to the index.
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