Card Point Cash-Out Surpasses 200 Billion Won... "Account Info Website Also Available"

Point Cash-Out 203.4 Billion KRW, Long-Term Unused and Dormant Account Closures 18.2 Billion KRW, etc.
Approximately 221.6 Billion KRW of Hidden Assets Returned to Owners

How to Use the AccountInfo Homepage

[Asia Economy Reporter Park Sun-mi] The card point cash conversion service has surpassed 200 billion KRW in usage amount just four months after its launch. Going forward, the service will be available not only through the Account Info mobile application (app) but also via the website.

On the 17th, the Financial Services Commission, Korea Financial Telecommunications & Clearings Institute, and the Korea Credit Finance Association announced that as of the end of May, the card point cash conversion service, which was implemented on January 5, recorded approximately 16.68 million inquiries, about 17.99 million applications, and a usage amount of approximately 203.4 billion KRW. The number of applications for cash conversion of long-unused and dormant account deposits through the Account Info app also reached about 1.2 million, with a usage amount of approximately 18.21 billion KRW (about 130 million KRW per day), which is about 1.2 times the daily average of approximately 110 million KRW at the end of last year.

With 203.4 billion KRW from card point cash conversion and 18.2 billion KRW from long-unused and dormant account cancellations, approximately 221.6 billion KRW of hidden assets belonging to the public have been returned to their owners.

By card company, the card point cash conversion performance based on application amount ranks Shinhan (46.85 billion KRW), Samsung (34.83 billion KRW), and KB Kookmin (28.69 billion KRW) in order. Lotte (5.46 billion KRW) and the Post Office (2.9 billion KRW) are at the bottom.

Starting today, card point cash conversion is possible not only through the Korea Financial Telecommunications & Clearings Institute’s Account Info app but also via the website. As a result, financial consumers who only have certificates installed on their computers or are not familiar with downloading and using mobile apps can now easily convert card points to cash.

A financial authority official stated, "Since the launch of the card point cash conversion service, we have been actively working with the card industry to improve inconveniences." He added, "Since many consumers can still convert their points to cash, using the service according to their own point accumulation schedule will help make use of leftover amounts."

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