CU, Nationwide Usage of POS Cash Withdrawal Service Up 30 Times Year-on-Year

Usage per Store Increased More Than Threefold

[Asia Economy Reporter Cha Min-young] CU's POS cash withdrawal service saw a 30-fold increase in usage nationwide just one week after its expansion.

CU announced on the 11th that following the nationwide expansion of the service on the 1st, the number of POS cash withdrawal transactions between the 1st and 7th increased 30 times compared to the same period last month. Even considering the increase in the number of stores offering the service, the usage per store grew more than threefold.

The POS cash withdrawal service allows customers to withdraw cash by paying the requested withdrawal amount together with their purchase using a card issued by 16 major banks partnered with the Korea Financial Telecommunications & Clearings Institute.

Customer demand for the service has been proven by data. Since CU began test operations in Jeju in 2017, the average daily number of customers withdrawing cash through the POS cash withdrawal service was more than four times higher than those using ATMs.

This is attributed to the widespread use of mobile banking, which has reduced the number of ATMs and significantly lowered accessibility, as well as the recent behavioral change due to COVID-19, where people avoid visiting crowded bank 365 corners. Another advantage is that the POS cash withdrawal service fee is 800 KRW, about 500 KRW cheaper than the typical ATM fee of 1,300 KRW.

As the use of the POS cash withdrawal service increases, CU also benefits from increased customer traffic. Since cash withdrawal is possible simultaneously with product purchase, it also generates additional sales.

Jo Sung-hae, head of BGF Retail’s Service Platform Team, said, “This POS cash withdrawal service is an example of introducing financial functions into convenience stores based on the industry’s best next-generation POS system,” adding, “CU will continue to expand services needed by franchise owners and customers to establish itself as a multi-platform in daily life.”

Meanwhile, CU is functioning as an all-purpose platform in daily life by offering lifestyle-oriented services tailored to changing environments. In addition to the POS cash withdrawal service, it provides various financial services such as ▲convenience store bank transfer service ▲coin savings service ▲public utility bill payment service.

This content was produced with the assistance of AI translation services.