A court has upheld a fine of approximately 6 billion won imposed on Kakao Pay for transferring personal data of about 40 million users to China's Alipay without consent. The court ruled that users did not agree to their data being used for credit scoring by Apple.
A South Korean court has upheld a 6 billion won fine against Kakao Pay for transferring personal data of approximately 40 million users to Alipay without consent. The data was used by Apple to calculate an 'NSF score' for payment risk assessment.
Kakao Pay Securities announced on the 2nd that its deposited assets have surpassed 20 trillion won as of May 29th. This marks a significant acceleration, reaching the 20 trillion won milestone just 1.5 months after surpassing 15 trillion won.
Kakao Pay Securities announced that its domestic stock return investment accounts (RIA) have surpassed 50,000 subscriptions in 45 days since their launch on March 23rd. This represents about a quarter of the total RIA accounts in the industry.
Kakao Pay will waive payment fees for new small business merchants until the end of the year. Businesses with annual sales under 500 million won that register by July 30 will benefit from the fee exemption on Kakao Pay Money transactions.
