KakaoBank is accelerating its entry into the payment processing market by expanding its debit card business.
As of the first half of this year, KakaoBank reported that its cumulative debit card transactions reached 154.9 trillion won since the card's launch in July 2017. This amounts to approximately 3 million won per person in South Korea.
The debit card has also become a key touchpoint for KakaoBank's major financial services. Customers who used their debit cards for over 300,000 won monthly for three consecutive months in the first half of this year had an average balance of about 3.6 million won, four times higher than non-users, and visited the app five times more frequently.
Usage has expanded beyond personal consumption to include group activities and individual businesses. In the first half of the year, group debit card transactions totaled 674.3 billion won, a 54% increase compared to the same period last year, while transactions for individual businesses rose by about 20% to 409.1 billion won. Approximately 1.6 million people applied for support funds for high fuel prices through KakaoBank debit cards.
International transactions are also on the rise. In the first half of the year, the highest overseas offline transaction amount was in Japan at 27 billion won, followed by Vietnam at 8.3 billion won, the United States at 5.6 billion won, and Thailand at 2.1 billion won. Since its launch, KakaoBank debit cards have been used in over 160 countries worldwide.
KakaoBank plans to introduce a new debit card this year that allows users to select benefits based on their consumption purposes and lifestyles. This includes a specialized overseas debit card linked to foreign currency accounts and a debit card exclusively for foreign residents in South Korea.
As of the first half of this year, KakaoBank reported that its cumulative debit card transactions reached 154.9 trillion won since the card's launch in July 2017. This amounts to approximately 3 million won per person in South Korea.
The debit card has also become a key touchpoint for KakaoBank's major financial services. Customers who used their debit cards for over 300,000 won monthly for three consecutive months in the first half of this year had an average balance of about 3.6 million won, four times higher than non-users, and visited the app five times more frequently.
Usage has expanded beyond personal consumption to include group activities and individual businesses. In the first half of the year, group debit card transactions totaled 674.3 billion won, a 54% increase compared to the same period last year, while transactions for individual businesses rose by about 20% to 409.1 billion won. Approximately 1.6 million people applied for support funds for high fuel prices through KakaoBank debit cards.
International transactions are also on the rise. In the first half of the year, the highest overseas offline transaction amount was in Japan at 27 billion won, followed by Vietnam at 8.3 billion won, the United States at 5.6 billion won, and Thailand at 2.1 billion won. Since its launch, KakaoBank debit cards have been used in over 160 countries worldwide.
KakaoBank plans to introduce a new debit card this year that allows users to select benefits based on their consumption purposes and lifestyles. This includes a specialized overseas debit card linked to foreign currency accounts and a debit card exclusively for foreign residents in South Korea.
* This article has been translated by AI.
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