Shinhan Card "Send Money to Other Banks via Shinhan Payfan 'My Wallet'"

Smart Wallet Service 'MyWallet' Expanded Upgrade
Including Interbank Transfer Function Added

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 10th that it has upgraded the 'My Wallet' feature in the Shinhan PayFAN application, a leading domestic lifestyle finance platform, by adding functions such as transfers to other banks, mobile ID (student ID, electronic certificates), and limit increases.

My Wallet is a smart wallet service introduced by Shinhan Card that integrates payment, transfer/remittance, and identification functions in one place. Since its first launch last month, 150,000 users have signed up within a month. Especially, anyone aged 14 or older can easily register, gaining great popularity among young generations including the MZ generation (Millennials + Generation Z).

This upgrade was rapidly carried out over one month by Shinhan Card's agile team to provide better services to customers quickly. Since the launch of My Wallet, customer feedback, including opinions from students and the MZ generation, has been reflected.

First, Shinhan Pay Money can now be transferred free of charge to all financial institutions including other banks, securities firms, post offices, and savings banks. The transfer service, which was previously available only to Shinhan Pay Money subscribers, has been expanded to all financial companies. Shinhan Pay Money is a prepaid electronic payment method available to anyone aged 14 or older. It can be linked to bank and securities accounts to recharge balances, and if the balance is insufficient during payment, it can automatically recharge the required amount for the transaction.

Certificate-related tasks such as student IDs can also be handled easily. Customers holding the Shinhan Student ID Check Card can conveniently use attendance functions and school facilities such as libraries and cafeterias through the mobile My Wallet student ID.

For the first time among card companies, a function linked with the Ministry of the Interior and Safety's 'Electronic Certificate Issuance and Distribution System (Electronic Document Wallet)' is introduced, allowing users to view and submit various government civil service documents. This service works by storing certificates issued through the Government24 app in My Wallet for use.

Additionally, various features for customer convenience have been added, including limit increases (from 500,000 KRW to 2,000,000 KRW), regular recharging, and allowance requesting/sending. In particular, the allowance requesting/sending feature allows parents to easily send allowances to their children, who can freely use the allowance received via Shinhan Pay Money at all affiliated stores.

To celebrate the My Wallet upgrade, Shinhan Card has prepared various events. Starting from the 14th, new Shinhan Pay Money subscribers will receive 20 cookies to watch Naver Webtoon, and customers who transfer money via Shinhan Pay Money or pay with Shinhan Pay Money at All That Shopping will be entered into a draw to receive up to 100,000 KRW cashback in Shinhan Pay Money. Also, linking a Shinhan Financial Investment CMA account (RP investment type, fixed yield type) recharge account to Shinhan Pay Money will provide a preferential annual interest rate of 3% (pre-tax) (for first-time users) and a 1,000 KRW cashback in Shinhan Pay Money.

Yoo Tae-hyun, Head of Digital First Division at Shinhan Card, said, "We will strive to provide broader innovative financial services to become a lifestyle finance platform that can always be with customers in the upcoming My Payment and My Data era."

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