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[Alpha Biz=(Chicago) Reporter Paul Lee] Fintech companies such as Toss and Kakao Pay are entering the automotive installment financial market. With the size of the auto installment financing market reaching nearly KRW 40 trillion, fintech companies are expected to enter the auto hill market in earnest, starting with new card installment payment comparison services.
According to the financial sector on the 6th, Toss will release a beta version of its new card installment comparison service later this month. A Toss official said, "We plan to open (the service) to some users first and expand (the user) sequentially to open the whole thing."
Kakao Pay also expanded its "receiving a new car purchase and cashback" service from the existing lump sum to the installment plan, which compares credit card companies' interest rates with cashback benefits when users purchase new cars on the 30th of last month.
The installment service card company will also be expanded from Woori Card to Lotte Card from the 7th through 'Comparison of car card payment'. An official of Kakao Pay said, "About three credit card companies will be added within this month."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
