Kakao Pay Launches Personalized 'Card Recommendation' Service for Users

Product Recommendations Through MyData Information and KakaoPay's Non-Financial Data Integration

Also Provides 'Issuance Probability Inquiry' Feature

[Asia Economy Reporter Sim Nayoung] Kakao Pay announced on the 5th that it will provide a personalized ‘Card Recommendation’ service by utilizing credit rating agency information, MyData, and Kakao Pay payment data.

To offer this ‘Card Recommendation’ service, Kakao Pay applied for a MyData dual business license with the financial authorities. MyData operators must report to the financial authorities to engage in financial product advertising and data brokerage using MyData. Kakao Pay completed the MyData dual business reporting through proper legal procedures and launched this service.

In the ‘Card Recommendation’ service, Kakao Pay delivers credit and check card information provided by card companies with which it has business partnership agreements to users. Users can receive recommendations and compare cards that suit their personal financial life and consumption patterns through the ‘Card Recommendation’ service, and then apply for cards.

Currently, Kakao Pay partners with 11 card companies handling about 100 types of cards, and plans to broker and recommend about 150 cards, which is the highest level in the industry.

The ‘Card Recommendation’ service is based on big data, combining financial asset information including card usage details from MyData with various non-financial information owned by Kakao Pay for analysis. Kakao Pay reviews the collected user data from various perspectives to create user-specific profiles and recommend customized products.

For user convenience, a ‘Pre-check for Issuance Possibility’ service is also provided. Based on the user’s KCB credit score, the possibility of credit card issuance is classified into stages and notified. The credit card issuance possibility is divided into four stages (Very High, High, Average, Low), and the three stages except ‘Low’ are marked as possible for credit card issuance. However, the pre-check service is an information provision function for customer convenience and does not guarantee the actual issuance.

After launch, Kakao Pay plans to continuously add features to enhance user experience and convenience. It is considering services that broker financial asset information connected to MyData such as savings and securities account information to card companies, which can be used as income calculation data during card company reviews to streamline document review processes and increase issuance rates.

Kakao Pay users can access the ‘Card Recommendation’ service on KakaoTalk and the Kakao Pay app. It is available by tapping ‘Card Recommendation’ on the overall service screens of KakaoTalk and the Kakao Pay app.

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