KakaoPay and Shinhan Bank's 'Save-as-You-Spend Consumer Savings' Attracts 100,000 People Before Launch

Annual 4.5% Interest Rate... Earn a Fixed Percentage of Your Payment Amount

More than 100,000 people have flocked to the first joint savings product created by Kakao Pay and Shinhan Bank even before its launch.

On the 27th, Kakao Pay announced that over 100,000 people participated in the pre-notification application event for the first joint savings product with Shinhan Bank, "Spending Savings That Accumulate the More You Use," which is scheduled to be launched in mid-next month, over a period of five days.

This product, limited to 200,000 accounts, is a 6-month maturity product offering up to 4.5% annual interest. Users can save up to 100,000 KRW per day and up to 500,000 KRW per month.

The product features a mechanism where a certain percentage (10?200%) set by the user accumulates in the savings account each time they spend using Kakao Pay. For example, if the accumulation rate is set at 30% and the user makes a 10,000 KRW payment through Kakao Pay, 3,000 KRW from the prepaid balance charged to Kakao Pay is deposited into the "Spending Savings That Accumulate the More You Use" account. On days without payments, users can also save a fixed amount as desired.

Currently, a pre-notification application event is underway ahead of the launch next month. Those who apply for the pre-launch notification and open a savings account will receive 5,000 Kakao Pay Points. Inviting friends through sharing can earn up to an additional 800 Pay Points. Kakao Pay Points can be freely used at various Kakao Pay online and offline payment merchants, including Kakao Gift, online shopping, delivery apps, convenience stores nationwide, large supermarkets, cafes, and movie theaters.

A Kakao Pay representative said, "Users will be able to check their spending habits while developing healthy saving habits," adding, "We will continue to create various financial products that provide real benefits to users through collaboration with partners."

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