KakaoBank Group Account Surpasses 10 Million Total Members

About 8,800 New Daily Sign-ups Over Approximately 3 Years and 6 Months Since Launch
Playing a Key Role in Attracting and Activating New Customers

[Asia Economy Reporter Yu Je-hoon] KakaoBank's 'Group Account' has surpassed 10 million total group members.

KakaoBank announced on the 11th that as of last month, the total number of group members using the Group Account reached 11.1 million (including duplicates).

KakaoBank first introduced the Group Account in December 2018 to allow transparent and convenient management of membership fees for each group. Group leaders can easily invite members through KakaoTalk's friend invitation and group chat invitation features, and members can check the status of membership fees in real time.

Based on this convenience, the number of Group Account users, which was 890,000 (270,000 accounts) in the first month of service launch in December 2018, reached 11.1 million (3.31 million accounts) as of last month. This means an average of 8,800 new users joined the Group Account daily since its launch.

Analyzing Group Account users by age group, those in their 30s accounted for the largest share at 34.7%, followed by those aged 20 and under at 27.1%, 40s at 24.1%, and 50 and above at 14.1%. Notably, comparing the age distribution of users in December 2019 (pre-COVID-19) and last month, the proportion of users aged 40 and above increased from 28.7% to 38.2%. The company explained this is due to word-of-mouth about the convenience of the Group Account among customers in their 40s and older, who often participate in social gatherings.

Regarding the purpose of opening Group Account accounts, social gatherings and family living expenses accounted for 27.6% and 26%, respectively, making up more than half. Group accounts for travel purposes accounted for 18.5%. Accounts used as date accounts made up 1.2%.

Additionally, among Group Account users, the proportion of customers holding KakaoBank accounts is 85%, steadily increasing from 74% at the initial launch. This indicates that many customers who initially participated as group members without holding a KakaoBank account later open KakaoBank deposit and withdrawal accounts and convert to verified customers.

KakaoBank plans to strengthen related promotions as the Group Account has the potential to attract new customers and increase customer activity. Until the end of this month, KakaoBank is running the 'Group Start Celebration Fund Support' and 'Boast Your Group Name' events, offering a total cashback benefit of 220 million KRW.

The Group Start Celebration Fund Support will randomly select 1,000 newly opened groups during the event period and provide 100,000 KRW each, totaling 100 million KRW. Both new and existing Group Account customers can participate in the event. For the Boast Your Group Name event, group leaders can apply by writing their group name and the meaning behind it. Through a draw, 1,000 groups will be selected to receive 100,000 KRW each, and 20 groups chosen as winners will receive 1 million KRW each, totaling 120 million KRW in cashback benefits.

A KakaoBank official said, "We thank our customers for their support of the Group Account and have prepared a spring event to encourage active group activities," adding, "We will continue to add various features to make group management more convenient through the Group Account."

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