​Kakao launches wire transfer to bank accounts within chat app

KakaoTalk users can now wire transfer directly to bank accounts using the chat app.
Written by Cho Mu-Hyun, Contributing Writer

Kakao has launched a wire transfer feature in its chat app that allows users to send funds to the bank accounts of others in group chats.

KakaoTalk users can press "To Bank Account" on the Kakao Pay interface within the chat app and enter their password or fingerprint to activate the feature.

Funds can also be sent to people who are not using KakaoTalk or Kakao Pay.

Users can also send money to any local banks or post offices without paying commission for transfers, the company said.

A new feature, called "Pester", allows users to post notices in their group chat that they need money. Fellow chatters in the group can then press the notice to send funds.

Kakao Pay launched in April last year and the firm is expanding its transaction coverage.

In January, Kakao's board announced that it will separate its fintech business into a separate firm called Kakao Pay by April.

Last month, China's Ant Financial, the parent company of Alipay, announced investment of $200 million into Kakao Pay.

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