Kakao Pay's investment products sell out on 1st day

SEOUL, Nov. 20 (Yonhap) -- Kakaopay Corp., a South Korean mobile payment platform provider, said Tuesday that four investment products sold out in just four hours and 20 minutes on the first day of launch.

On Monday, the company said it will launch a new service called Kakao Investment, allowing users to invest in various financial projects, ranging from crowdfunding, bonds and stocks to funds, through KakaoTalk mobile messenger service.

The four financial products investing in bonds and real estate were sold out as of 3:20 p.m. after achieving an initial goal of 970 million won (US$860,000), the company said.

Users can pick an investment product through KakaoTalk without having to install a new application or open a bank account, with the minimum investment amount set at 10,000 won.

"The fact that the service was sold out in such a short time proves that an increasing number of users want investment products with a low threshold," a company official, who asked not to be named, said.

Kakao Pay said it will sell three to five financial products every day with mid-risk and mid-return to guarantee a return rate of around 10 percent.

khj@yna.co.kr
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