Kakao Pay Halts Acquisition Talks for Shinsegae Group's SSG Pay

Kakao Pay has decided not to acquire SSG Pay (Sseuk Pay) and Smile Pay, the simple payment platforms of Shinsegae Group.

According to the information and communications technology (ICT) industry on July 17, Kakao Pay has suspended acquisition negotiations for SSG Pay and Smile Pay. It is reported that Kakao Pay and Shinsegae Group have ended the acquisition talks after discussions.

Since the beginning of this year, there have been expectations that Kakao Pay would acquire SSG Pay, as the company entered the race to acquire simple payment platforms. On June 11, Kakao Pay officially announced that it was reviewing the acquisition of SSG Pay and Smile Pay.

However, it appears that the acquisition process has halted due to a change in Kakao Group's investment priorities. Kakao has announced plans to commercialize a next-generation virtual assistant, the 'AI Agent,' in November, based on collaboration with OpenAI, the creator of ChatGPT.

Shinsegae Group plans to pursue independent growth by strengthening expertise in the simple payment business and providing stable services.