San Francisco, CA – April 28th, 2020 – Paymentwall adds KakaoPay, Toss, and Payco in Korea to the list of 150 supported local payment methods and makes them available for all businesses worldwide, providing instant access to over 25 million Korean shoppers.
This integration completes Paymentwall’s payment coverage in Korea, which already comprises of local credit and debit card processing in Korean Won (KRW), cash and prepaid options, and online bank transfers with Kookmin, Samsung, Hyundai, Lotte, Citi, Hana, Woori, Jeju, Soohyup, Jeonbuk, Kwangju, Busan Bank, Bank of Korea, Kyungnam Bank, Korea Exchange Bank, and Standard Chartered Bank.
KakaoPay has over 25 million active monthly users and processes more than USD 16.8 billion in digital payments, which together with Toss, and Payco accounts for over 30% of all online transactions made in Korea in 2019.
Mobile wallets, such as KakaoPay, Toss, and Payco, are rapidly becoming a keystone payment method for businesses wanting to reach shoppers both at home and abroad, with Korean e-wallets seeing over 70% increase in the year-over-year number of transactions. Today’s shoppers in Korea present a massive opportunity for global commerce. They are predominantly young, mobile-savvy, and enthusiastic about international brands.
Through a single API integration with Paymentwall, merchants in Europe, the US, Latin America, Southeast Asia, and the Middle East will be able to process KakaoPay, Toss, and Payco payments alongside any of 150 supported payment methods at the flick of a switch, without the need for a local entity in Korea. The integration for these payment methods also includes:
- Full and partial refunds.
- No chargebacks.
- KRW processing and settlement.
- Full reporting and reconciliation.
Paymentwall has been present in South Korea since the establishment of the Seoul office in 2015. In the past few years, Paymentwall has cooperated with major Korean companies such as LG Electronics, Kakao Games, Samsung, Vertigo, and Webzen. Businesses can signup for a Merchant Account on the Paymentwall website or contact Paymentwall’s business development team at email@example.com to start accepting payments with KakaoPay, Toss, and Payco.
About Paymentwall (www.paymentwall.
Paymentwall is a global payments platform. The platform allows millions of people around the world to make payments using not only credit cards but also 150 local payment methods, including bank transfers, local cards, e-wallets, and prepaid cards.
Through 16 offices globally located in San Francisco, Las Vegas, London, Berlin, Lisbon, Sofia, Cairo, Kyiv, Moscow, Manila, Hanoi, Beijing, Shenzhen, Seoul, Gurgaon, and Bangalore, Paymentwall provides its merchants and their end-users support in over 30 languages. Paymentwall’s call centers, risk and fraud prevention divisions, and merchant support teams work 24/7, 365 days a year to assist you. To find out more about Paymentwall, please visit www.paymentwall.com.