Donation of Disaster Relief Funds, Shinhan Card Ranks 1st... "Voluntary Donations at 0.27%" (Comprehensive)

91% of Donations Applied via Card Companies
Total 25.697 Billion Won
2nd BC Card, 3rd KB Kookmin Card
Out of 9.6095 Trillion Won in Support Funds
Only 0.27% Returned as Donations

[Asia Economy Reporter Ki Ha-young] The place with the highest amount of donations from the government’s emergency disaster relief funds due to the novel coronavirus infection (COVID-19) was Shinhan Card. Although 91% of the donation amount was applied through card companies, the donation ratio accounted for only 0.27% of the total disaster relief funds paid by card.

According to data received on the 17th from the Emergency Disaster Donation Task Force (TF) of the Ministry of Employment and Labor by Jeong Dong-man, a member of the United Future Party, the confirmed emergency disaster relief donations as of the 10th amounted to 28.21 billion KRW (155,786 cases). This includes the amount donated at the time of applying for the disaster relief funds and the amount donated after receiving them, excluding parts not yet applied for.

Among these, the amount donated through eight card companies (Shinhan, Samsung, KB Kookmin, Hyundai, BC, Lotte, Hana, NH Nonghyup) was 25.697 billion KRW (147,419 cases). This means that 91% of the total donation amount was donated through card companies.

There are three ways to donate disaster relief funds: applying for donation when applying for emergency disaster relief funds, donating to the Korea Workers’ Compensation and Welfare Service after receiving the funds, and if no application is made within three months from the start date of application, the donation is processed automatically. The scale of donations made by the non-application method is expected to be known only after August 18, three months after the application start date.

By card company, Shinhan Card, the industry leader, had the highest donation amount and number of cases. Shinhan Card recorded 39,029 donation cases and 5.643 billion KRW in amount. The company has 24 million members, the largest in the industry, and maintains a dominant market share.

BC Card followed with 33,532 cases and 5.43 billion KRW. BC Card is estimated to have had many applicants for disaster relief funds as it provides payment network services to 16 bank cards including Woori Card, IBK Industrial Bank, and SC First Bank.

In third place was KB Kookmin Card with 18,543 cases and 3.981 billion KRW in donation performance. KB Kookmin Card recorded the highest average donation amount per case among the eight card companies, exceeding 2.1 million KRW per case. The average donation amount per case among the eight card companies was about 1.7 million KRW.

Others were Samsung Card (16,245 cases, 3.16 billion KRW), NH Nonghyup Card (13,720 cases, 2.519 billion KRW), Hyundai Card (10,551 cases, 1.92 billion KRW), Hana Card (9,898 cases, 1.975 billion KRW), and Lotte Card (5,901 cases, 1.114 billion KRW) in order. Overall, many households applied for donations through bank-affiliated card companies such as NH Nonghyup Card, which has bank branches nationwide. On the other hand, corporate card companies without bank branches and with poor check card performance such as Samsung, Hyundai, and Lotte Card showed relatively low donation performance.

Meanwhile, according to the Ministry of the Interior and Safety, the amount of disaster relief funds received as of the 7th was 13.5908 trillion KRW. Among these, the amount applied for by credit and check cards was 9.6095 trillion KRW, accounting for 70.7% of the total amount. This means that only about 0.27% of the card application amount was returned to the government as donations. Initially, the government allocated 14.2448 trillion KRW for disaster donations and expected to collect 1.4 to 2.8 trillion KRW in donations, which is 10-20% of this amount.

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