SEOUL, KOREA - Korea’s largest Internet portal Naver is set to launch a mobile remittance service through its group-type social network service Band.
Prior to Naver’s latest decision to launch the mobile money transfer service, Kakao also revealed its plan to start a similar service, indicating that competition is getting fiercer among major IT companies to take the initiative in the mobile financial market.
A Naver official said on August 10, “Our subsidiary Camp Mobile joined hands with an e-payment company Yelopay to add a small amount remittance service to the group-type SNS Band from this month.”
As Naver is preparing to launch the mobile remittance service, it will likely to face a head-on crash with Kakao which plans to launch a small amount payment service “Bank Wallet Kakao” and a simple payment service “Kakao Pay” within September.To offer these services, Kakao united forces with 15 domestic banks and nine card companies.