KakaoPay and Alipay to launch cross-border payment service first in Japan

20, Nov. 2018

SEOUL, AJU - KakaoPay, a digital payment wing of South Korea's largest web service operator Kakao, will join hands with China's biggest digital payment service Alipay to release a "global cross-border payment system" in the first quarter of next year in Japan. Kakao CEO Ryu Young-joon told reporters Monday that the cross-border payment service would be gradually expanded to China and Southeast Asian Countries following its launch in Japan next year. KakaoPay and Alipay agreed in February last year to provide a synchronized digital payment service at online and offline stores affiliated with the two services. "Making KakaoPay a financial platform for every kind of financial services is our final goal," Ryu said, adding his company would start servicing simplified and safe investment securities with a maturity of less than one year. It would ensure a high annual return by selecting reliable partners.