Kakao Pay has launched a service that allows users to pay by linking Kakao Pay Money to an existing debit card without issuing a separate card.
Kakao Pay said on Aug. 26 it introduced ‘Link My Card Money,’ a service that lets users link Kakao Pay Money to a debit card they already hold.
The service works by linking Kakao Pay Money to an existing physical debit card for payments. It is initially available for Hana Card debit cards and the company plans to expand it sequentially to partner card firms.
Kakao Pay said linking prepaid funds to an already issued debit card is a first in South Korea. It said users can continue to use their existing debit cards without opening a separate account or reissuing a card.
Kakao Pay Money can be linked to a financial account selected by the user, including commercial banks, internet banks, securities firms and savings banks. As a result, users can top up and pay using an account linked to Kakao Pay Money, separate from the account linked to their existing debit card.
A Kakao Pay official said, “We will continue to expand connectivity between Kakao Pay Money and various payment methods.”