Bank Wallet Kakao Launching Its Service During the Second Half Of This year.

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Bank Wallet Kakao Launching Its Service During the Second Half Of This year.

Korea’s number one mobile messenger, KakaoTalk will being its own mobile wallet service by which the user will be able to make wire transfers and transaction during the second half of 2014.

During May 29th, according to financial industry sources, Kakao Inc, will launches it services “Bank Wallet Kakao” which is an electronic wallet for wire transfer, both online and offline transaction and ATM transaction.

The Works.

Anyone that’s over the age of 14 and is registered onto a Internet banking service will be eligible for the service and can recharged up to 500,000 won as “bank money.: Only one account will be allowed for each device.

Bank Wallet Kakao allows wire transfers cap up to 100,000 won each day among its users who register into the service. A text alert such as “A has sent B bank money of 10,000 won: will be automatically sent through KakaoTalk to the people who were involved in this transaction of bank funds.

Bank money transfers are only available during a private chat room, not during the middle of a group chat room. In order to prevent and kind of mistaken transaction, a legal name of the recipient shall appear on the transfer windows. Transaction histories and account balance can checked upon as well.

Purchases.

The users can make purchases and payment for not only online and mobile stores but offline stores as well, through the use of NFC card readers. At online and mobile stores, the user can select Bank Wallet Kakao as the means of payment and type in their password. At offline stores, the user can turn on the Bank Wallet application and put it to the card reader.

If selecting the “ATM card” on Bank Wallet Kakao application, one can utilize the ATM machine to check their own account balance, make a wire transfer or even withdraw cash, simply by touching the dongle with the smartphone.

In order tr prevent and kind of abuse of the service, the user must clear the authentication process by dialing the “two-channel authentication” scheme. Reportedly, Kakao and the Korea Financial Telecommunications and Clearing Institute are going to declare the opening of  Bank Wallet Kakao service officially sometime during the beginning of next month.

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About Author

Kevin C is passionate for tech world wide. He was apart of Qbox media and currently is apart of a UX firm based in Hong Kong.

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