Asian Tech Press (Nov 3) -- Kakao Pay Corp., South Korea's largest online payment service provider, exceeds $20 billion in market capitalization on its market debut Wednesday.

Kakao Pay went public on South Korea's main KOSPI market on Wednesday at an offering price of 90,000 won ($76.97) per share, and shares topped 180,000 won per share on the opening day, giving it a market value of more than 24 trillion won ( $20.3 billion).

The prospectus shows that Kakao Pay's annual active users were 15.1 million in 2018, jumping to 28.3 million by June 2021, which means six out of every 10 Koreans are using it.

And transaction volume on the Kakao Pay platform is already up to 66.9 trillion won in 2020 and 47 trillion won in the first six months of 2021 alone.