KB Kookmin Card Sees 46% Increase in Foreign Check Card Customers Over Six Years

Last year, the number of foreign customers using KB Kookmin Card's check cards increased by nearly 50% over the past five years.

Myeongdong Street, Seoul. Photo by Yonhap News

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According to check card usage data released by KB Kookmin Card on April 29, the number of foreign customers using the company's check cards in 2024 increased by 46% compared to 2019. During the same period, the total transaction amount rose by 75%.

Last year, the average monthly number of check card transactions per foreign customer was 22.8, and the average monthly spending was 516,000 won. These figures represent increases of 20% (3.8 transactions) and 19% (84,000 won), respectively, compared to five years ago.

By age group, customers in their 30s had the highest average monthly spending per person at 561,000 won, followed by those in their 40s at 553,000 won. For those aged 60 and above, the average monthly spending increased by 33% over five years to 435,000 won.

In terms of the proportion of cardholders by age, those in their 30s accounted for 27%, followed by those in their 40s at 21%. Looking at the three-year average, individuals in their 20s made up the largest share at 39%. The proportion of customers in their 20s increased from 36% in 2022, to 40% in 2023, and 42% last year.

By nationality, Chinese customers accounted for the largest share of cardholders at 53%, followed by Vietnamese (7%), American (6%), Uzbek (4%), and Cambodian (4%) customers.

However, among new cardholders over the past three years, the proportion of Chinese customers decreased to 36%, while the shares of Americans (7%), Uzbeks (5%), Mongolians (4%), and Kazakhs (2%) increased.

A KB Kookmin Card representative stated, "Through this analysis, we were able to gain insights into the evolving financial lifestyles of foreign customers," adding, "We will continue to analyze data to understand consumption trends and customer needs across various customer segments."

Meanwhile, KB Kookmin Card currently offers products exclusively for foreign residents in Korea, including the 'KB Kookmin Welcome Plus Check Card' and the credit card 'KB Kookmin Tantandae Welcome Card.'

KB Kookmin Bank is also set to launch 'KB Quick Send,' an overseas remittance service exclusively for foreign customers, on April 30, aiming to reduce fees and provide fast international money transfers.

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