Kakao Pay Launches "Overseas Remittance" Service...Remittance Fees Zero Until Year-End

Kakao Pay announced on the 5th that it has launched the beta version of its "Overseas Remittance" service for domestic and overseas users who need to send money abroad.

This service is designed so that anyone, from foreign nationals residing in Korea who need to send funds back to their home countries to Korean nationals who need to make overseas transfers, can use it easily and safely without complicated procedures or language barriers.

During the beta period of Kakao Pay's "Overseas Remittance" service, remittances to users of Alipay in China will be supported first. Once a remittance request is submitted, the funds are deposited into the recipient's wallet in near real time, within 5 minutes. For user convenience, the remittance process has also been significantly shortened. After entering the remittance amount, users only need to complete identity verification once at first use; thereafter, a remittance request can be completed simply by entering the recipient's name and wallet ID (mobile phone number or email address).

To mark the launch of the service, Kakao Pay will waive all overseas remittance fees in full until the end of 2026. In addition, users can immediately check the real-time exchange rate and the expected time of deposit completion when entering the remittance amount, thereby enhancing predictability for users.

A thorough security system has also been established to prevent financial fraud. Kakao Pay operates its own Fraud Detection System (FDS) together with a dual monitoring system at its partner companies. If a transaction is detected as potentially fraudulent, the remittance is immediately blocked and the user is notified through an error pop-up, ensuring a safe transaction environment.

Kakao Pay stated, "As Korea's leading everyday financial platform chosen by the largest number of foreign users, we have focused on extending Kakao Pay's remittance experience, which has become part of daily life for people across the country, to overseas markets in order to maximize the convenience of overseas remittances," adding, "Following our 'Global Home' service, we will continue to strengthen services tailored to foreign users, expand supported countries and remittance methods, and provide the most beneficial financial environment for all users at home and abroad."

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