KakaoPay MyData Reaches 20 Million Users

Kakao Pay has written a new chapter in the domestic financial market. It has set a new record as the first domestic financial company to surpass 20 million MyData subscribers. This means that a whopping 60% of Korea's economically active population aged 19-64 are utilizing Kakao Pay's smart asset management service. This remarkable achievement, accomplished in just three years since the launch of its MyData business, has solidified its position as a unique platform driving financial innovation through the synergy between its payment/remittance services and MyData. Beyond simply displaying information, Kakao Pay has focused on providing users with tangible financial benefits. As a result, approximately 2.1 million users who utilized the 'Credit Score Booster' service over the past two years saw their credit scores rise by an average of 21 points, creating a remarkable change. In particular, it is developing an alternative credit scoring model that leverages its own data, such as Kakao Pay Money, for students and young professionals who struggle due to a lack of financial history. This will be a significant step towards expanding financial inclusion. Furthermore, the 'Loan Refinancing' service has successfully helped 20,000 users lower their loan interest rates by an average of 1.52%p, totaling 1.134 trillion won in loans over the past two years. Through this, users were able to save a significant amount of interest, an average of 900,000 won annually per user, and a total of 17.2 billion won annually across all users. The 'Year-end Tax Settlement Preview' service, sought by over 500,000 users annually, accurately calculates estimated refunds and payments and provides personalized tax-saving tips. Especially, it automatically filters out items excluded from income deductions based on MyData payment history, providing even more reliable information. There are no gaps in financial security either. Through the 'Account Guardian Service,' which links MyData with 'The Cheat,' a financial fraud prevention service API, approximately 120 million accounts are monitored in real-time against fraud risks like ghost accounts, ensuring safety. Going a step further, Kakao Pay supports smart financial living for families with its 'Shared Asset Management' service. Couples and families can jointly manage assets, dramatically reducing the hassle of checking living expenses and keeping a household ledger. It also serves effectively as a personalized financial assistant. The 'Financial Assistant' service analyzes a user's MyData and credit information to diagnose their financial status and predicts important financial dates such like jeonse/wolse loan maturities, payday, and savings maturity, providing necessary information in real-time. A Kakao Pay official emphasized, "Deep consideration for MyData-based customized services has translated into tangible benefits for users, earning the choice of 20 million people." Furthermore, they stated their ambition to "evolve into a true financial platform that expands inclusive finance through advanced alternative credit scoring, going beyond analyzing past and present data and predicting future activities." Kakao Pay is becoming an icon of innovation, moving beyond a simple payment app to create smart financial lives for everyone.