Kakao Pay Securities Opens 200,000 Accounts Within 6 Days of Service Launch

[Asia Economy Reporter Buaeri] Kakao Pay's subsidiary, Kakao Pay Securities, announced on the 4th that the number of securities account openings exceeded 200,000 just six days after the service launch.

Kakao Pay Securities stated, "Considering the stock market decline due to the spread of the novel coronavirus infection (COVID-19) and the fact that Kakao Pay Securities established its individual business division less than a month ago, this result can be seen as a reflection of users' high expectations for the new financial services created by Kakao Pay and Kakao Pay Securities."

Kakao Pay Securities will pay up to 5% per annum, higher than market interest rates, weekly on the balance of accounts where Kakao Pay Money is automatically deposited until May 31. It also offers benefits such as unlimited holding limits and depositor protection (up to 50 million KRW per person).

Securities accounts can be opened with just a few taps on a smartphone from the Kakao Pay home screen within KakaoTalk, without the need to install a separate application. A promotion is also underway until the 27th of this month, offering up to 50,000 KRW by lottery to users who participate in the upgrade.

After opening a securities account, users can invest in three funds launched on the 'Kakao Pay Investment' service. Unlike the previously difficult and complicated funds, anyone can easily and conveniently invest starting from 1,000 KRW.

Kim Daehong, CEO of Kakao Pay Securities, said, "Despite the difficult external conditions, we confirmed high interest in a new investment culture based on the Kakao Pay platform. We are now at the stage of officially starting the service, and we will continue various challenges that can create synergy with Kakao Pay to bring significant changes to the financial lives of more users."

This content was produced with the assistance of AI translation services.