Youth-oriented Kakaobank 'Mini' takes off... Surpasses 500,000 sign-ups in one month

[Asia Economy Reporter Kim Hyojin] KakaoBank announced on the 25th that its financial service for teenagers, 'KakaoBank Mini,' surpassed 500,000 subscribers within one month of its launch. This means that one in five teenagers aged 14 to 18 is using Mini.

Launched on the 19th of last month, Mini is a prepaid electronic payment method that only teenagers can open. It allows deposits and transfers without opening or linking a bank account, and provides online and offline payment options through the Mini card.

Mini exceeded 100,000 subscribers just 54 hours after its launch on the 22nd of last month, and reached 500,000 subscribers within one month. An analysis of Mini card users' activity over the past month showed that convenience stores accounted for the highest number of transactions, making up 24.8% of the total.

The next most frequent transactions were at beverage specialty stores. A KakaoBank official said, "It seems to be quickly establishing itself as a payment method in the daily lives of teenagers."

Mini is convenient to use as it allows fee-free deposits and withdrawals at ATMs nationwide like a debit card, and since the amount is limited (limit of 500,000 KRW, daily usage limit of 300,000 KRW, monthly usage limit of 2,000,000 KRW), it helps users control their spending.

KakaoBank analyzed that Mini helps teenagers, who are starting their first real financial transactions, develop financial sense. It can only be used at clean merchants, and income deduction can also be applied for, satisfying both parents and their children.

In a survey of Mini users conducted by KakaoBank, 84% of respondents said they were "very satisfied." They cited the account opening-free registration process, convenience of application routes and consultations, and the design using the Niniseu character as satisfaction factors.

A KakaoBank official said, "As convenience and design have been recognized and word of mouth has spread, the number of Mini customers is rapidly increasing," adding, "We will continue to enhance service benefits so that teenagers can have a more convenient and safe financial life."

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