Kakao Pay Revamps Credit Inquiry System to Align with Implementation of Credit Scoring System

Service Revamp Aligned with Credit Scoring System Implementation, Enhancing Convenience with Percentage and Weather Icons

[Asia Economy Reporter Kim Hyo-jin] Kakao Pay has revamped its ‘Credit Inquiry’ service in line with the credit scoring system set to be implemented next year. The company plans to provide more convenient and useful services to the 10 million users currently using the ‘Credit Inquiry’ service.

On the 29th, Kakao Pay announced that it introduced the credit scoring system in collaboration with its partner credit rating agency, KCB. Users accessing the Credit Inquiry service can now check information aligned with the new credit scoring system.

The service’s user interface (UI) has also changed. Instead of a credit grade fluctuation graph, the service now provides credit scores along with percentile rankings, allowing users to easily understand their credit standing compared to the average.

Additionally, factors that may affect credit scores such as loan and card usage are represented with weather icons for more intuitive understanding. The service also supports credit management by providing information on loans, cards, guarantees, delinquency records, and useful financial knowledge for users.

The cumulative number of subscribers to the Credit Inquiry service surpassed 10 million as of the 15th.

This represents a 233% increase compared to December last year, accounting for about one-third of Kakao Pay’s 35 million users. Launched in August last year, the Credit Inquiry service quickly grew by leveraging the advantage of allowing users to conveniently check their credit information within KakaoTalk, reaching 1 million subscribers within a month, 2 million by mid-October, and surpassing 3 million in early January this year.

Kakao Pay stated, “Credit scores are essential basic data for expanding the range of financial services,” and added, “We will provide services that allow users to manage their credit scores more conveniently through Kakao Pay in accordance with the credit scoring system to be implemented next year.”

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