KakaoBank Group Account Surpasses 10 Trillion Won Balance in 7 Years Since Launch

"One in Four Koreans Has Opened an Account"

KakaoBank's Group Account has surpassed a balance of 10 trillion won, seven years after its launch. The number of customers using the Group Account has also exceeded 12 million.

Launched in December 2018, KakaoBank's Group Account offers a variety of convenient services for easy and transparent management of group funds, including a "group member invitation feature" utilizing KakaoTalk and a real-time "dues status check feature."

The Group Account balance reached 1 trillion won in about 11 months after launch, 2 trillion won in 1 year and 8 months, 5 trillion won in 4 years and 2 months, and has now surpassed 10 trillion won in approximately 7 years. Despite already being on the market for 7 years, the balance increased by a net 2.2 trillion won last year.

The number of users is also on the rise. As of the end of last month, the number of unique users of KakaoBank's Group Account exceeded 12 million, meaning that about one in four people in South Korea uses the service. The user base grew by 2 million in about a year and a half since reaching 10 million in January last year.

The number of customers actively using the Group Account is also increasing. The average balance per Group Account rose from 890,000 won last year to 930,000 won in the first half of this year, and the amount spent using debit cards linked to the Group Account reached 2 trillion won in the first half of this year alone.

The customer base for the Group Account has diversified. As of the end of last month, the age distribution of Group Account users was 16.5% for those in their 20s or younger, 28.3% for those in their 30s, 25.7% for those in their 40s, and 29.5% for those in their 50s or older. Compared to December 2019, one year after launch, the proportion of customers in their 40s or older has nearly doubled.

Looking at the types of groups, as of the end of last month, social gatherings and family/living expenses accounted for 30.1% and 26.7%, respectively, making up more than half of all group accounts. Travel (18.5%), dating (8.6%), and company/team (6.9%) followed, indicating that group accounts are used for a variety of purposes depending on the type of group.

KakaoBank stated, "As a result of offering various convenient features to support groups, we were able to achieve a record balance of 10 trillion won and 12 million users," adding, "We will continue to listen to the voices of our Group Account customers and strive to provide a differentiated experience."

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