Kakao Pay Marks 10 Years of Remittance: "4.8 Billion Transfers, 447 Trillion Won Connected"

"An Average of 2.3 Million Daily Transactions, a Service for All"

454.87 Million 'Remittance Envelope' Transactions

Average Remittance Network Grows from 5 to 9 Connections per User

Kakao Pay announced on April 29 that it has recorded a cumulative remittance amount of approximately 447 trillion won in the 10 years since the launch of its Kakao Pay Money and remittance services.

According to Kakao Pay, the total amount transferred over the past 10 years is equivalent to the entire population of South Korea sending 120 billion won every day, or 5 billion won every hour.

During the same period, the cumulative number of remittance transactions exceeded 4.8 billion. The annual transaction volume has grown from approximately 2.65 million transactions in 2016, when the service was first launched, to over 843.1 million transactions as of last year. This represents a 320-fold increase over the past decade.

As of last month, the average number of daily remittance transactions exceeded 2.3 million. Over 240 billion won was transferred per day, with about 1,600 remittance transactions occurring every minute.

Kakao Pay emphasized that its remittance service has grown beyond just a money transfer tool, becoming a medium for connecting people.

In 2016, each user sent money to an average of 5 acquaintances, but by last year, this figure had nearly doubled to an average of 9.

According to time-based remittance data from last year, usage peaked on Fridays at lunchtime (12 PM). As a result, settlement requests made via Kakao Pay's remittance service were used more than 100 million times over the past 10 years.

The use of remittance envelopes also increased. Over the past decade, the number of remittance envelope transactions reached 454.87 million, which is equivalent to every South Korean using a remittance envelope an average of 9 times.

The envelopes were also frequently used during holidays. During this year's Lunar New Year holiday, the number of "Seollal" remittance envelope transactions was 1.54 million, representing an increase of approximately 339% compared to 2018.

The value of fee reductions provided to users by Kakao Pay over the past 10 years amounted to about 1.5 trillion won.

A Kakao Pay representative stated, "The past 10 years have been dedicated to resolving the inconveniences of remittance and innovating users' daily lives. We will continue to enhance our services so that users can feel even closer to finance."

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