KakaoBank Begins Applications for "Min Saeng Recovery Consumption Coupon"

Cashback and Income Deduction Benefits for Debit Card Use
Applications Available via KakaoBank App from July 21 to September 12

KakaoBank announced on July 21 that it will operate the first round of applications for the "Min Saeng Recovery Consumption Coupon" from July 21 to September 12.

The "Min Saeng Recovery Consumption Coupon" is a government initiative aimed at boosting consumption and increasing sales for small business owners and self-employed individuals. The coupon will be distributed to all citizens. In the first round, every citizen will receive a basic amount of 150,000 won per person, with additional support of up to 450,000 won depending on income level and region.

KakaoBank debit card holders can easily apply through the app. The support funds can be used with any of the applicant's debit cards, and spending with these cards will count toward debit card usage, making users eligible for cashback and income deduction benefits. Usage history and remaining balance of the consumption coupon can be checked in real time via the KakaoBank app.

The KakaoBank Friends debit card, which can be used to apply for the consumption coupon, offers 0.2% cashback on domestic and overseas merchant transactions without any previous month spending requirement or payment limit. On weekends and public holidays, the cashback rate doubles to 0.4%. Additionally, this year, KakaoBank is running a promotion with extra benefits in categories where customers frequently make payments. New cashback benefits have been added for everyday sectors such as public transportation (bus, subway, taxi), convenience stores, Daiso, and coffee franchises.

Customers can receive additional cashback benefits in 11 sectors and merchants, including: ▲Daily life (Baemin, GS25, coffee franchises) ▲Household goods/taxi (Daiso, taxi) ▲Online shopping (Coupang, Ably) ▲Fuel/telecom (GS Caltex, mobile phone bills) ▲Academies (academy sector) ▲Postpaid transportation (bus, subway), provided they meet the previous month's spending requirement. The maximum monthly cashback limit is 29,000 won.

During the first week of applications (July 21-25), a five-day rotation system based on the last digit of the applicant's birth year will be applied. For example, if the last digit is 1 or 6, applications can be made on Monday (21st); if 2 or 7, on Tuesday (22nd). From July 26, anyone can apply regardless of birth year, and the deadline for applications is September 12.

The main places where the coupon can be used are limited to small business stores with annual sales of 3 billion won or less, such as traditional markets, neighborhood marts, restaurants, clinics, and academies. Usage is restricted at department stores, large supermarkets, online shopping malls, delivery apps (for non-face-to-face payments), and entertainment or gambling sectors. Stores where the coupon is accepted will display a "Min Saeng Recovery Consumption Coupon Accepted" sticker.

The second round of applications will run from September 22 to October 31. In the second round, an additional 100,000 won will be provided per person, except for those in the top 10% income bracket based on health insurance premiums. Both the first and second round coupons must be used by November 30, and any unused amount will be automatically forfeited.

Users can also conveniently receive information about the "Min Saeng Recovery Consumption Coupon" through the KakaoBank app. By subscribing to the National Secretary notifications in the "My Documents" section of the app and enabling notifications for the "Min Saeng Recovery Consumption Coupon Guide," customers will receive information such as payment amounts and application methods during the first and second application periods, as well as reminders about unused amounts.

KakaoBank stated, "We have made it easy and fast to complete all procedures related to the Min Saeng Recovery Consumption Coupon, from application to usage location guidance and transaction history inquiry, all within the app," and added, "We will continue to expand services that contribute to our customers' overall financial lives."