Seoul: Kakao Pay Corp., the online payment division of South Korea's Kakao, announced a significant rise in its second-quarter net profit, reporting a figure of 49.6 billion won (US$34.7 million). This marks an increase of 251.2 percent compared to the same period last year.

According to Yonhap News Agency, Kakao Pay's operating profit for the April to June period stood at 58.6 billion won, reflecting a 528.2 percent increase from a year earlier. The company's revenue for the quarter climbed 40.6 percent, reaching 335.1 billion won.