Kakao unveils the “stock as gift” service

Kakaopay Securities, the stock brokerage arm of Korean mobile payment platform KakaoPay, announced on Tuesday that it will launch a new service in June through which one can buy shares as gifts with its payment platform that counts more than 37 million subscribers.

“Users can gift domestic and overseas stocks to friends and family with a gift card featuring Kakao Friends characters,” Kakaopay Securities co-CEO Lee Seung-hyo said during a briefing. an online press conference. Users receive the gift in shares by clicking the “accept gift” button, as they do with Kakao’s existing gift exchange services.

If a user donates 50,000 won ($41) worth of shares on the Nasdaq when the market is closed, the buy order is placed when the market opens the next day. It takes a maximum of 10 minutes to receive a foreign stock gift because the Korean won is automatically converted into dollars and does not need to be exchanged first, Lee said.

Lee said the service is less complicated and takes less time than the existing stock donation service which takes two to three days to buy and transfer stock.

By this year, Kakaopay Securities plans to officially launch its mobile trading system shortly after upgrading the beta version.

“The MTS of Kakaopay Securities app will first show the current profit rate of stocks and funds users have invested in. It will recommend other stocks based on their investment pattern, allowing stock beginners easy access to useful information,” Lee said.

By clicking on a tab, advanced stock traders can see line charts, swing charts and other trading information, Lee added. He said existing beginner apps simply omit them, causing inconvenience.

Additionally, the company will open a stock trading service in KakaoTalk and allow users to share their investment portfolios with friends and family.

“Based on some 37.5 million KakaoPay users, we plan to provide fun and easy services, not just for younger users,” Lee said, citing that MTS users in their 40s and 50s already accounted for a total of 45% in February.

Kim Dae-hong, another co-CEO of Kakaopay Securities, said the company will also ramp up overall sales activity, including investment banking and project finance for institutional investors.

Launched in 2020, Kakaopay Securities has provided easy-to-use investment services such as “Spare Investment” which automatically invests account deposits of less than 1,000 won into funds.

By Byun Hye-jin ([email protected])

↯↯↯Read more on the subject on TDPel Media ↯↯↯

Michael N. Clark