Kakao Pay Signs Agreement to Support Digital Transformation of Local Commercial Districts

Building Infrastructure Through VAN/POS Partner Alliance

Kakao Pay announced on July 22 that it has signed a business agreement with Together Making the World (Social Solidarity Bank) for a campaign to support digital infrastructure in local commercial districts.

Kakao Pay signed a business agreement with Together Making the World to support digital infrastructure for local commercial districts. From the left, Yoongeun Lee, Head of Kakao Pay Environment, Social, and Governance (ESG) Committee; Jungho Park, Vice President of Service; Yongduk Kim, Chairman of Together Making the World; Junsang Ahn, Executive Director. Kakao Pay

The two companies explained that they entered into this agreement as demand for contactless order and payment systems has recently increased, especially among small business owners, in order to ease the burden of labor costs.

Kakao Pay will provide 1 billion KRW to Together Making the World as a fund to support digital infrastructure in local commercial districts.

Based on the business agreement signed on July 1 to establish a 'QR Order Ecosystem,' the companies also plan to jointly support post-management for digital infrastructure implementation.

Kakao Pay will also offer its business solution, 'Sajangnim Plus,' as well as free marketing opportunities.

Together Making the World will oversee the digital infrastructure support campaign for local commercial districts using the established fund and will identify small business owners who need assistance adapting to the digital environment.

Each eligible small business owner will receive 100,000 KRW in support.

A Kakao Pay representative said, "We are supporting the establishment of digital infrastructure to help reduce the operating cost burden for self-employed business owners and to enable efficient operations from order to payment," adding, "We will continue to assist in digital transformation marketing activities."

Kakao Pay stated that it is practicing mutual growth with small business owners in line with the group's win-win business slogan, 'Closer Together, Kakao.'

Since establishing a mutual growth fund for small business owners in 2022, Kakao Pay has been operating the 'Together for a Long Time' campaign, which supports online and offline sales channels and promotions for small businesses, as well as business capability enhancement programs. In 2023, it provided disaster insurance for small business owners nationwide and emergency COVID-19 management funds for self-support enterprises. Last year during Chuseok and this year during the Lunar New Year holidays, it also exempted transaction fees for small merchants.

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