Kakao Company released Kakao banking service last July 27th. Kakao banking service opened a new era of mobile banking.

Another internet bank had reached 240,000 accounts in 24 days, but Kakao Bank attracted 300,500 accounts after its first day operation. Kakao Bank is pushing conventional banks because it has many benefits compared to traditional banks. 

 There are many benefits of Kakao banking service. First of all, it cuts down commission fees for outgoing foreign wire transfers. We just have to pay one tenth of traditional bank fee. If you use Kakao Bank, you can use bank services in higher deposit rates and lower lending rates. Moreover, it is simple and comfortable to use bank services. We do not need to waste time to visit this bank anymore by using Kakao banking service. Lastly, this service can create almost 3,000 new jobs. These benefits make Kakao bank very popular.

 Not only experts but also costumers of Kakao banking service have good feedbacks about this service. Choi Jong-ku, Korea financial supervisory service’s chairman, said that Kakao Bank is likely to boost for about 2,470 new jobs over the next three years. Also, the company where released this service announced that “Money transfer is available in almost all countries, including Europe and US”. Also, they said that subscribers will be able to send money as simple as messaging. Eventually, the costumers' reaction about this service was positive. People who downloaded this service said that it was very simple to use. Kakao banking has many benefits, and it is based on the largest messaging plat form used by Koreans across the world. So, it is posing challenges to conventional banks like Hana, Sinhan, and Kukmin Banks. Kakao banking service can represent very large zones of interests.

By.Sang-In Jung  August.11th