Kakao Pay Signs Business Agreement with Japan's PayPay... "Will Strengthen Position as Global Pay"

by Kwon Hyeonji

Published 03 Apr.2023 09:48(KST)

Expansion of Promotions Including Point Accumulation

Kakao Pay announced on the 3rd that it has signed a business agreement with Paypay, a Japanese QR payment service provider, to expand its overseas business.

Through this business agreement, Kakao Pay plans to enhance payment convenience for users in Japan and expand its merchant network. The two companies are considering increasing user benefits such as point accumulation and expanding promotions, focusing on areas most frequently visited by Korean travelers.

Kakao Pay and Paypay currently provide cross-border payment services using the Alipay+ payment network. Customers can use the payment service without separate currency exchange at offline stores in Japan displaying the Kakao Pay or Alipay+ logos. Airports, convenience stores, drugstores, and department stores are typical examples. The two companies plan to actively promote that Kakao Pay payments are available at Paypay merchants in Japan through aggressive marketing to expand the merchant network.

Shin Won-geun, CEO of Kakao Pay, stated, “We will closely cooperate with Paypay, Japan’s number one QR payment provider, to enhance payment convenience for Kakao Pay users and activate mobile payments to increase sales.” He added, “Kakao Pay will expand its business overseas beyond Korea to establish its position as a ‘global pay’.”

Kakao Pay signs business agreement with Japanese QR payment operator PayPay. Photo by Kakao Pay