Kakao Pay Lowers Prepaid Recharge Fee for Small Merchants to Around 1%

Retroactive Application from Payments Made on February 1

Kakao Pay is lowering the Kakao Pay Money (prepaid balance) payment fees to support small business owners. For merchants with annual sales of 300 million KRW or less, the fee will be reduced from the existing approximately 2% to around 1%, similar to the level of card easy payments.

Kakao Pay announced on the 31st that it will reduce payment fees in this way. Accordingly, the Kakao Pay Money fees for online small and medium-sized merchants will be lowered to the level of card fees, which were reduced earlier.

According to the Financial Supervisory Service's easy payment fee disclosure system, which was implemented for the first time this year, Kakao Pay has applied a fee rate of 1.21% for online card payments and 1.84% for prepaid balance payments to small merchants. Among these, the fee for prepaid balance payments will be lowered to around 1%. The revised fee rate has been applied to payments since the 1st of last month and will undergo a system update process over the next approximately two months, with retroactive settlement planned.

A Kakao Pay representative said, "We decided to reduce fees this time to coexist and grow together with small business owners, who are our important partners," adding, "We will continue to create various services and policies that can support the economic activities of small business owners."