Following this announcement, the company will end its pre-departure currency exchange solution for overseas travelers after six years. Kakao Pay will shift its focus from currency exchange in order to enhance QR payment services for international use.
In addition, the pre-departure currency exchange solution will be terminated on April 1. The partnership with KEB Hana Bank, which has been cooperating on the currency exchange service until now, will also end. The company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Starting in April, solutions such as new currency exchange, gifting currency exchange, and automatic currency exchange when target exchange rates are reached will no longer be available. At the same time, users can still convert foreign currencies that have already been requested into KRW or use foreign currency account transfers, as those solutions are set to be phased out.
According to officials of the company, the overall demand for currency exchange itself has decreased recently, and as each company supports multiple overseas payment methods, the collaboration demand between Kakao Pay and Hana Bank has disappeared. At the moment, Kakao Pay supports QR convenient payments in more than 50 countries across the world while also offering high convenience as there is no need for separate registration or currency exchange procedures.
As the contract period with Hana Bank has ended and Kakao Pay continues its strategy of growing its own international payment service, there are also no plans to partner with other institutions.
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