Kakao Pay was founded by Brian Kim in South Korea. It was initially released in 2014 and can be used to make instant transfers to crypto sites. The payment method is mostly used in South Korea, but it has expanded to become a global payment system. While it is commonly used to make transfers in brick-and-mortar stores, it has been integrated on lots of websites, including crypto exchanges. Its transfer fees are very low, and this makes it quite attractive for crypto traders.
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Summary
Kakao Pay mobile payments are quickly replacing credit cards in South Korea and have become the dominant payment option. The service is known for its strong security standards. When using the service, no one will be able to access your details as the data will be password-protected.
Advantages
+You can use the Kakao Pay mobile app to make the transfers.
+All user details are password protected.
+It offers phone and online support.
+The mobile application supports English.
+There are many crypto sites that accept Kakao Pay.
Disadvantages
-It has to compete with major rivals like Google Pay.
-Many aspects of the site are only optimized for South Korean residents.
-You will need a bank account to use this service.
-Its website can be difficult to navigate.
-You won’t get 24/7 customer support.
What is Kakao Pay?
This funding method works just like any other mobile wallet and draws money from your bank account. You can make payments with this service using the KakaoPay app or the messaging platform. Since it is compliant with PCI-DSS, the app is able to ensure that customers’ financial details are held securely.
Kakao Pay Costs
When using Kakao Pay for deposits, you will not be required to pay any transfer fees. The application is also free to use and doesn’t have any subscription fees.
Transaction speed for Kakao Pay
This deposit method allows crypto traders to make instant transfers to their crypto exchange accounts. When using Kakao Pay for deposits, you need to make sure your bank account has sufficient funds as the money will be transferred from this account. Otherwise, you can end up getting unnecessary delays.
Kakao Pay Deposits: How does it work?
1. Start by going to the crypto site, where you will log into your account
2. Go to the deposit page and pick Kakao Pay from the available payment methods
3. Add the amount you want to deposit and confirm the transaction
4. Complete the transaction by adding a password
Which are the main countries where Kakao Pay is used?
Kakao Pay is mainly used in South Korea, where it has more than 10 million users. More than 90% of smartphone users in the country use Kakao Pay for deposits. Aside from South Korea, the funding method is fairly frequently used in Japan, Singapore, and a few other Asian countries.
Can you withdraw with Kakao Pay?
Yes, you can withdraw funds from crypto sites to your Kakao Pay account. In many cases, this payment method is meant to be used for P2P withdrawals on crypto exchanges. If you are having trouble using this method for withdrawals, you should consider withdrawing funds using bank transfer.
Reputation of Kakao Pay
This funding method is extremely popular, particularly in South Korea and other Asian countries. However, in Western countries, the payment method is still relatively unknown. Most people in the USA and other Western countries use credit cards and e-wallets like PayPal to make deposits and withdrawals.
Kakao Pay FAQ
Below are some of the most commonly asked questions about Kakao Pay when it comes to using it to buy or sell cryptocurrencies.
Is it safe to use Kakao Pay for cryptocurrencies?
Yes, Kakao Pay is an extremely secure payment method. It is password-protected, so you will have to enter your code whenever you make a transaction on the app or site. You only need to keep your password secure, and none of your details will be accessed by third parties.
How do I set up Kakao Pay?
To use this deposit method, you have to first create a Kakao Pay account through the Kakao Talk app. You can then link your bank account to the payment system. Make sure you use your regular bank account as transactions will be drawn directly from your bank.
Is Kakao Pay instant?
One key reason why this banking method has grown so fast is that it offers instant money transfers. With it, you will be able to add money to your crypto exchange account in less than a few seconds.
When was Kakao Pay founded?
This payment method was created in 2014 and was integrated with Kakao Talk, a messaging service.
Where is the mother company based?
The mother company of Kakao Pay is based in Seoul in South Korea.
Does Kakao Pay only work on Apple devices?
No, you can use Kakao Pay mobile payments on Android devices as well. You can download the Android application by clicking the link on the official Kakao Pay website.
