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

[Asia Economy Reporter Minji Lee] Kakao Pay's subsidiary, Kakao Pay Securities, announced on the 4th that the number of securities accounts opened through the upgrade of Kakao Pay Money exceeded 200,000 accounts just six days after the official launch of the service.

A representative from Kakao Pay Securities explained, "Considering the stock market decline due to the spread of the novel coronavirus disease (COVID-19) and the fact that Kakao Pay Securities established its individual business division less than a month ago, it seems that users' high expectations for new financial services are reflected."

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

Securities accounts can be opened from the Kakao Pay home screen within KakaoTalk without the need to install a separate app. The company plans to hold an event until the 27th of this month, where users participating in the upgrade will be entered into a draw to receive up to 50,000 KRW.

Kim Dae-hong, CEO of Kakao Pay Securities, stated, "Despite difficult external conditions, we confirmed strong interest in a new investment culture based on the Kakao Pay platform," and added, "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.