"50,000 Won Is Not Enough"... 100,000 Won Becomes the Standard for Both Congratulatory and Condolence Money

Kakao Pay Money Transfer Survey Results

This Year, 100,000 Won Tops the List for Condolence Money for the First Time

Due to the impact of high inflation, the average amount of condolence money given at funerals, following the trend seen with congratulatory gifts, has also become standardized at 100,000 won.

Congratulatory Money Envelope. Getty Images

According to the '10th Anniversary Report on Money Transfer Services' recently released by Kakao Pay, the most frequently transferred amount for congratulatory money envelopes was 50,000 won until 2022. However, starting in 2023, 100,000 won became the most common amount. For condolence money envelopes as well, for the first time this year, the proportion of 100,000 won transfers surpassed that of 50,000 won.

The standards for event-related monetary gifts perceived by office workers showed a similar trend. In a survey conducted last May by HR tech company Incruit among 844 office workers, 60.1% responded that they would give '100,000 won' as congratulatory money to a colleague from the same team whom they are not close to and only interact with for work purposes. This was the most common answer.

Over the past 10 years, the cumulative number of Kakao Pay money transfer envelopes used reached 454.87 million. The most frequently used envelope was the 'Settlement Completed' envelope, with 126.63 million uses. This was followed by 'My Heart,' 'Congratulations on Your Wedding,' and 'Thank You' envelopes. Notably, the use of the 'Congratulations on Your Wedding' envelope, which is related to ceremonial occasions, increased approximately 4.6 times in 2023 compared to 2019. The proportion of money transfers using envelopes also rose from 13% in 2019 to 23% last year.

The user base for Kakao Pay money transfers has also expanded, with the total amount transferred by teenagers jumping from about 4 billion won in 2019 to 685.3 billion won last year. Usage among middle-aged and older users aged 50 and above has increased each year, and in 2021, a record showed that a 103-year-old senior used Kakao Pay for money transfers.

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