Digital payments firm Bango (BGO:AIM) has made a bold move into South Korea, one that should bring up to 37 million new consumers into the company’s payments ecosystem.
Cambridge-based Bango runs a direct carrier billing payments platform that gives online shoppers a ‘one-click’ solution to buy goods and services by adding the internet shopping charges to their mobile phone bill, once they have set up an account.
CONNECTING ONLINE SHOPPING DOTS
Bango has struck a partnership with South Korea’s Kakao Pay that will allow merchants on its commerce platform to reach millions of users in South Korea to collect online payments and offer product bundles. Kakao Pay is a lifestyle financial platform available through the Kakao Talk mobile messaging app.
‘Partnering with Kakao Pay brings together Bango global payments technology with the focused, regional coverage and quality of service that only Kakao Pay can provide,’ said Andy Suzuki, senior vice president Asia Pacific at Bango.
Shares in Bango moved 3% higher on Tuesday to 184.4p.
Kakao Talk is the most popular messaging app in South Korea and has more than 37 million users, of which more than 20 million are active on a monthly basis. These users can spend with their Kakao Pay e-wallet on the content and services offered by Bango global merchants through this partnership.