Kakao Pay "Use Samsung Pay on KakaoTalk... Launch of New Insurance Product"

Large Font Service Provided for Middle-Aged and Older Users
KakaoPay Sonbo Plans New Long-Term Products

Kakao Pay is strengthening its payment services and diversifying its insurance products.

On the 7th, Kakao Pay announced these plans during its Q1 earnings conference call. Baek Seung-jun, Kakao Pay's Business General Leader, who participated in the call, stated, "Starting in June, we plan to launch a continuous benefits program that rewards up to 3% of the payment amount as Kakao Pay Points, so the more you use Kakao Pay payments, the greater the benefits you receive." He added, "In the third quarter, we will expand access points to allow Samsung Pay to be accessed through KakaoTalk as well."

The company is also working to improve financial accessibility for the senior generation. Park Jeong-ho, Kakao Pay Service General Leader, said, "We are working to lower psychological and physical hurdles to enhance accessibility for middle-aged and older users." He continued, "Psychologically, we will conduct a security campaign emphasizing safety and reassurance and improve accessibility to security features. Physically, our main plan is to lower hurdles by simplifying the screen layout and applying large font services."

Kakao Pay Insurance plans to focus on developing products with differentiated features beyond small-amount, short-term mini insurance. Han Soon-wook, Kakao Pay Operations General Leader, said, "From the second quarter onward, we will accelerate sales growth by launching new products, including long-term products in the life domain." He added, "We plan to release protection products in the first half of the year to cover risks that may arise from customers' lifestyles." He also mentioned, "In the second half of the year, we will launch products in the leisure and digital domains."

Currently, overseas travel insurance accounts for 70% of Kakao Pay Insurance's total gross written premiums, while new products such as mobile phone insurance and driver insurance make up the remaining 30%. Due to increased sales of mobile phone insurance and the launch of new driver insurance in Q1 this year, the proportion of overseas travel insurance has rapidly decreased to 60% of the total gross written premiums on a monthly basis. In Q4 of last year, the share of overseas travel insurance was 80%.