KakaoPay Prepaid Balances Now Usable for Check Card Payments: "First in Korea"

First Rollout with Hana Card
Keep Using Your Current Check Card
Linkable to Any Bank or Securities Account

KakaoPay Money balances will now be available for use in check-card payments. This marks the first time in South Korea that prepaid balances can be linked to already-issued check cards.

On August 26, KakaoPay announced the launch of its "Link My Card to Money" service, which allows users to link their KakaoPay Money to check cards for payments.

The service will first be introduced with Hana Card's check cards, with plans to expand partnerships to additional card issuers. KakaoPay has previously pursued check card integration, including the launch of the KakaoPay Travelog Check Card, a travel-focused product in partnership with Hana Card last year.

Until now in Korea, check cards were linked to accounts at financial institutions such as banks. For example, the funds deposited in a Hana Bank account would be used for payments with a Hana Card check card. With the introduction of KakaoPay's new service, it is now possible to make check card payments using KakaoPay prepaid balances, instead of a Hana Bank account.

KakaoPay plans to establish a system that allows the service to be connected to accounts at all types of financial institutions, including commercial banks, internet-only banks, savings banks, and securities firms.

To commemorate the launch, KakaoPay is hosting a promotional event. Users who sign up for the "Link My Card to Money" service and participate in the event by the end of the year will receive an additional 1% reward on their payment amounts.

A KakaoPay representative said, "We will continue to upgrade our service so that users can conveniently experience payments anytime, anywhere by linking KakaoPay Money to various payment methods."

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