KakaoBank's Youth Service 'Mini' Surpasses 1 Million Users Within One Year of Launch

[Asia Economy Reporter Kiho Sung] KakaoBank announced on the 13th that its financial service for teenagers, ‘KakaoBank Mini (mini),’ has surpassed 1 million registered users just over a year after its launch. The usage performance and transaction amounts of subscribers are also on the rise.

According to KakaoBank, the cumulative number of Mini subscribers exceeded 1 million on the 2nd of this month. Approximately 2.33 million teenagers are eligible to join Mini, meaning that 4 out of 10 teenagers in that age group are using KakaoBank Mini.

Only teenagers aged 14 to 18 can sign up, and even without a bank account, they can store and transfer money. The service also offers transportation card functions and supports both online and offline payments. The Mini card is the first card to use the ‘Niniz characters,’ and users can choose one of the five ‘Niniz characters’ to issue their card. Cash withdrawals at ATMs with the Mini card are also possible without fees.

Looking at the actual usage patterns of teenagers, the service has established itself as a tool for daily life. On average, users make transfer transactions about 5 to 6 times a month, more than once a week per person, and 43% of all Mini card payments are made at convenience stores and online shopping.

KakaoBank is preparing to upgrade the Mini service. While the focus over the past year has been on the ‘allowance management experience’ through direct transfers and payments via Mini, new services related to habits and experiences of saving money will be introduced going forward.

A KakaoBank official said, “We are preparing a new service that can provide teenagers with a comprehensive financial experience of saving and using money,” adding, “It is scheduled to be launched within this year and is currently in the internal testing phase.”

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