KakaoPay Reports 56.6 Billion KRW Operating Loss Last Year... Deficit Widens

Kakao Pay announced on the 6th that its consolidated operating loss last year amounted to 56.6 billion KRW, a 24.3% increase in the deficit compared to the previous year (-45.5 billion KRW). The net loss also turned to a deficit of 25.2 billion KRW. Revenue increased by 18% year-on-year to 615.4 billion KRW.

Kakao Pay explained that the increase in financial service revenue, driven by the expansion of various service offerings, rose by 29%, leading the performance. The operating loss was due to increased operating expenses such as payment fees from the rise in card payment revenue and costs related to the MyData business. Operating expenses alone amounted to 187.6 billion KRW in the fourth quarter of last year.

Kakao Pay plans to provide user-friendly services this year based on core strategies in each business area, including payments, loans, investments, and insurance. Starting in April, it will expand offline payment options by enabling Samsung Pay payments through Kakao Pay.

They also plan to expand customized financial services and data-driven businesses. A Kakao Pay representative stated, "This year, we will introduce personalized financial services based on segmented user characteristics and needs, such as young and senior users," adding, "We will also further advance our MyData-based business."

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