"Chuseok Allowance Goes to KakaoBank"... KakaoBank's Children's Account and Savings Product Users Surpass 800,000

[Financial News] With Chuseok approaching, children's holiday allowances are flowing into KakaoBank accounts. The number of users and deposits for KakaoBank's flagship children's product, the "Our Child Account," more than doubled. The number of new subscribers and deposits for KakaoBank mini, a prepaid electronic payment service for young people, also nearly tripled during this year's Lunar New Year holiday compared with the week before the holiday.
According to KakaoBank on the 23rd, the cumulative number of users of the Our Child Account and Our Child Savings Account, launched last September, surpassed 800,000 as of last month. The cumulative number of Our Child Account subscriptions also exceeded 410,000.
Among the parents who opened the accounts, 47% were in their 30s or younger, 49% were in their 40s, and 4% were aged 50 or older. The survey found that mothers managed their children's accounts in seven out of 10 cases. By age group, child users consisted of infants and preschoolers (44%), elementary school students (39%), and middle school students (17%). More parents are opening and managing accounts for their children from early childhood.
The Our Child Account is available for children from birth through age 16. A parent acting as the child's legal representative can open the account entirely online using the parent's own mobile phone. No complicated documents, such as a family relationship certificate, are required; registration can be completed through a simple process using Jjordy, a chatbot built around a conversational interface.
Account registrations rose sharply during the holidays, in particular. Last year's Chuseok holiday, which came shortly after the product's launch, saw the number of Our Child Account users and deposits more than double from the previous week.
KakaoBank mini was launched in October 2020 as a prepaid electronic payment service exclusively for young customers. Users can hold up to 500,000 won. It was designed to provide both financial convenience and everyday services to young people who previously had access only to limited payment methods, such as transportation cards and gift certificates.
KakaoBank said that the number of new KakaoBank mini subscribers and deposits nearly tripled during this year's Lunar New Year holiday. An analysis of mini payment data during the holiday showed that, by number of transactions, arcades and PC rooms ranked first, followed by convenience stores, online shopping, T-money top-ups, and cafés. As young customers use their allowances independently for leisure and cultural activities, everyday necessities, and transportation, KakaoBank is becoming part of young people's daily financial lives.

[email protected] Lee Hyun-jung Reporter