Kakao Pay Partners with the Most Financial Companies in the Industry for 'Mortgage Refinancing'

11 Financial Companies Including KB Kookmin, Shinhan, and NH Nonghyup

Kakao Pay announced on the 3rd that it has secured the largest number of partner companies in the industry for the soon-to-be-launched ‘Mortgage Loan Refinancing’ service. The company has pursued cooperation with financial institutions across various sectors to provide substantial interest savings benefits. It partners with a total of 11 financial institutions, including major banks such as KB Kookmin Bank, Shinhan Bank, NH Nonghyup Bank, regional banks, internet banks, and insurance companies.

Users can compare interest rates of the 11 financial institutions through the KakaoTalk and Kakao Pay applications (apps) without having to visit the financial institutions’ branches in person. The company stated that the number of partners will continue to increase.

Under the refinancing infrastructure policy, the ‘Personal Loan Refinancing’ service currently provided has allowed actual financial consumers to enjoy interest savings. Those who refinanced their loans through Kakao Pay saved an average of 700,000 KRW in annual interest. There are cases where users saved up to 2.9 million KRW in annual interest. Some consumers lowered their interest rates by 14 percentage points by switching from credit card loan products to loans from commercial banks.

Kakao Pay plans to ensure that consumers can experience similar interest savings effects through the soon-to-be-launched ‘Mortgage Loan Refinancing’ and ‘Jeonwolse Loan Refinancing’ services.

Kakao Pay stated, “Just as we have enhanced the benefits for many users through personal loan refinancing, we plan to actively provide services to alleviate the burden on users who feel the weight of mortgage loans,” adding, “We will continue to offer practical and diverse benefits from the perspective of financial consumers.”