Mobile Banking Authentication Now Also Available via KakaoPay

[Asia Economy Reporter Buaeri] KakaoPay authentication will now be available on mobile banking apps.

KakaoPay and SC First Bank announced on the 10th that they have applied 'KakaoPay Authentication' to the mobile banking app. This is the first time KakaoPay authentication has been applied to a commercial bank's mobile banking app.

KakaoPay users can use app login, automatic payment cancellation, and card prepayment through 'KakaoPay Authentication' on the latest version of the SC First Bank mobile banking app without installing any additional programs.

KakaoPay plans to gradually expand the application to transfers, financial product payments, and giro payments in the future.

The certificate issuance method is available by selecting 'Issue Certificate' in the 'Authentication' menu within KakaoPay, verifying identity through mobile phone and account authentication, and setting an 8 to 15-digit password, after which it can be used immediately.

Launched in June 2017, KakaoPay Authentication is the first mobile messenger-based authentication service in Korea, implemented with the same Public Key Infrastructure (PKI) as official certificates. It features enhanced security by applying blockchain technology. In March 2018, it obtained the status of an official electronic document intermediary from the Ministry of Science and ICT, surpassing 20 million cumulative issuances.

KakaoPay stated, "Through continuous expansion of partner institutions, we will strive to enable users to conveniently use any financial service with just KakaoPay Authentication."