Bitcoin is known to be ideal for inexpensive remittance and micro transactions. This indispensable feature of digital currency will soon be implemented into KakaoTalk.
KakaoTalk is a popular South Korean chat application. The platform has over 170 million registered users who may soon be able to make digital currency transactions. According to reports, the company invested heavily into Philippines based Satoshi Citadel Industries. As part of the investment, the Seoul-based company has picked up a 40 percent stake in Satoshi Citadel.
It is speculated that the chat application provider’s investment is driven by its interest in Bitcoin as a mode of value transfer.
So, What Can KakaoTalk Do with Bitcoin Technology?
For starters, KakaoTalk can include a feature that enables people to send and receive money over the chat application. This will be an attractive feature that will allow the brand to compete with Apple’s upcoming version of iMessages. Apple’s iOS 10 is expected to have Circle integrated into iMessages as a third-party app, allowing users to send and receive funds over a Bitcoin-powered platform.
If KakaoTalk indeed includes Bitcoin payment option through Satoshi Citadel Industries, it can also leverage upon the huge volumes of remittance between South Korea and the Philippines. The total remittance between both the countries currently stands at over $231 million per year and KakaoTalk, along with Rebit.ph can capture a significant market share.
Integration of Bitcoin payments into KakaoTalk can also help the e-commerce industry. Marketing professionals are increasingly using chat applications for promoting products and services. By allowing Bitcoin payments, buyers will be able to make purchases directly over the chat application itself.
Further down the line, the chat application can also experiment with blockchain based encrypted chat to offer secure communication options for its users.
Even though it is not clear how KakaoTalk intends to use Bitcoin and blockchain technology expertise, it sure does have a lot of options in front of it. We just have to wait for it to choose one among them.
Ref: QZ | NewsBTC | Image: KakaoTalkDownloads