Shinhyup Check Card Surpasses Cumulative Usage of 16 Trillion KRW... Expected to Reach 2.5 Trillion KRW Within the Year

[Asia Economy Reporter Kwangho Lee] The National Credit Union Federation of Korea (NACUFOK) announced on the 21st that the cumulative usage amount of the 'NACUFOK Check Card' has surpassed 16 trillion KRW.

Since starting operations in July 2010, the NACUFOK Check Card has shown steady growth. Having exceeded an annual usage amount of 1 trillion KRW in 2014, the card has maintained an average annual sales growth rate of 13.7% over the past five years. As of the end of September, the cumulative sales amount reached approximately 16.3 trillion KRW, and this year’s usage amount is expected to exceed 2.5 trillion KRW (bringing the cumulative sales amount to 17 trillion KRW).

The cumulative number of card issuances has also steadily increased, recording 4.59 million cards in 2019, 5.15 million in 2020, and 5.64 million as of the end of September 2021.

The remarkable progress of the NACUFOK Check Card is attributed mainly to the lineup of check cards designed by considering the characteristics and lifestyle patterns of various age groups, satisfying the diverse needs of customers.

The NACUFOK Check Card lineup includes more than 20 types, with key cards such as CU Big Simple, NACUFOK Eobuba, CU Big Classic, and CU Big Pay.

The CU Big Simple Check Card offers up to 0.6% cashback regardless of the merchant category. The NACUFOK Eobuba Check Card provides tailored services for the youth segment and is especially popular for featuring NACUFOK’s Eobuba character in its design. Additionally, the CU Big Classic Check Card offers specialized services tailored for middle-aged and older adults regardless of the previous month’s spending performance, while the CU Big Pay Card provides a 3,000 KRW cashback on simple payments.

Huh Young-yoon, head of NACUFOK’s Payment Business Team, stated, "We will continue to introduce check cards that consider the characteristics and lifestyle patterns of various age groups and actively support reasonable and enjoyable consumption."

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