[단독] Kakao Pay transportation card that does not require charging comes out

Input 2021.01.06 15:52

Following Naver Financial, Kakao Pay is also promoting a small deferred payment service. Kakao Pay is considering adding a small deferred payment function to the mobile transportation card so that public transportation can be used without the money already charged.

As both big tech companies in Korea enter the credit business that allows them to spend money even if they don’t have money on hand, the scale of credit they provide is rapidly expanding, as well as the credit rating ability used in this process. There is a prospect that it will grow together.

According to the financial sector on the 6th, Kakao Pay plans to submit an application to the Financial Services Commission during this month to designate a small deferred payment service as an innovative financial service. If selected as an innovative financial service, financial regulations will be suspended or exempted for up to four years, allowing innovative ideas to be presented to consumers before the law changes.

Financial authorities conduct consulting in advance to increase the success rate of companies preparing to apply for innovative financial services. This is why it is believed that the success of the application has exceeded the 7th ridge for approval. The approval of Kakao Pay’s innovative financial services will be decided by the Financial Services Commission as early as next month.

Earlier, the Financial Services Commission announced the’Comprehensive Digital Finance Innovation Plan’ in July of last year and announced that it will open up to 300,000 won for small deferred payments for simple payment companies. For this, the electronic financial transaction law needs to be revised, but it has not yet passed the threshold of the National Assembly. Accordingly, Kakao Pay seems to have chosen the Financial Services Commission’s innovative financial services as a breakthrough. If designated as an innovative financial service, financial regulations can be suspended or exempted for up to four years.

It is known that Kakao Pay is considering installing a small deferred payment service on a mobile transportation card. Currently, Kakao Pay is implementing a’NFC Mobile Transportation Card’ service that allows only a mobile phone to be placed on a payment terminal without running an actual card or application (app). Currently, it is a prepaid card method, and you can use the transportation card only by charging’Kakao Pay Money’. If the microdeferred payment function is included here, you can use a transportation card without charging, like a credit card.

However, it is reported that there is an opinion that the small deferred payment function should be made available only when using a relatively small bus or subway rather than a taxi. This is because the fare for taxis can increase significantly in some cases, and accordingly, the risk related to reimbursement may increase. If the small deferred payment function is applied only for bus and subway use, it is possible to set a limit of around 100,000 won per month, so the burden is light.

Naver Financial, which operates Naver Pay, is also planning to apply for micro-deferred payment to the Financial Services Commission as an innovative financial service this month. However, unlike Kakao Pay, it is expected that Naver Financial will keep the deferred payment limit as high as possible so that it can be used for shopping.

An official from Naver Pay said, “The goal of this project is that even consumers who do not receive a credit card should be able to use the credit service.” “Through the alternative credit evaluation system (using non-financial information such as telecommunication fee payment history), college students and housewives “We will make small deferred payments available to consumers with a lack of financial history, such as first-timers.”

As Naver Financial and Kakao Pay spur on small deferred payments, the credit supply from Big Tech is expected to accelerate. Last month, Naver Financial, along with Mirae Asset Capital, launched an online business credit loan product using an alternative credit rating system.

An official in the fintech industry said, “As there are many consumers who are neglected from the first financial sector due to their lack of financial history, big tech credit will increase rapidly with such demand. Their alternative credit rating systems also require verification now, but a small amount As the deferred payment service matures, the system will also become more sophisticated,” he said.