[Alpha Biz=(Chicago) Reporter Kim Jisun] Kakao Pay's sales contribution transactions exceeded KRW 10 trillion.

Both payments and financial transactions have achieved double-digit growth. Overseas payment transactions nearly doubled, leading to growth in the payment sector. In the fourth quarter, the company plans to continue its growth by expanding payment affiliates and launching new financial products such as mobile phone damage insurance.

Kakao Pay announced on the 6th that its sales in the third quarter of 2023 rose 12.4% year-on-year to KRW 158.9 billion based on consolidated financial statements. The operating loss was 9.5 billion won, down from 9.7 billion won a year earlier.

By business sector, sales of payment services rose 17.2 percent year-on-year to 113.5 billion won. Sales of financial services rose 0.7% year-on-year to 33.7 billion won.

Operating losses continued, but losses declined for three consecutive quarters. While Kakao Pay continues to remain in the black on a separate basis, the loss has decreased due to the realization of profits of its subsidiaries Kakao Pay Securities and Kakao Pay Insurance.

Kakao Pay's sales in the third quarter rose 15.6% year-on-year to 142 billion won. Operating profit reached 12 billion won and operating profit ratio reached 8.5%. Operating profit on a separate basis also rose for the third straight quarter.

 

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