Gaining Momentum
Industrial Bank Korea and Korea Post have both joined Bank Wallet Kakao services. As Citibank and Kyongnam Bank are also getting ready to join the services, it appears that Bank Wallet Kakao services are accelerating their expansion.
On Jan. 7 IBK made an announcement to its customers, saying it will offer Bank Wallet Kakao services to its individual clients starting from Jan. 6.
Korea Post has also started providing Bank Wallet Kakao services on the same day and is holding an event to celebrate its start.
According to the financial industry, Citibank has finished the development of the system and services. The bank is currently waiting for approval from its headquarters in the U.S. Once the services are approved, Citibank is expected to start offering Bank Wallet Kakao services right away. It is also rumored that Kyongnam Bank is preparing to provide Bank Wallet Kakao services.
Korea Financial Telecommunications and Clearings Institute, Daum Kakao and commercial banks launched Bank Wallet Kakao services, a mobile payment service, on Nov. 11 last year. Bank Wallet Kakao allows users to transfer small sums of money and make easy payments.
With IBK and Korea Post joining Bank Wallet Kakao services, the services are expected to gain momentum for its expansion.