"New Year's Money via KakaoTalk" VS "Still the Charm of Giving Cash"

[Asia Economy Reporter Buaeri] Office worker Kim Chaerin (40) has already sent New Year's money to her nephews and nieces via KakaoTalk. Kim said, "I felt shy about receiving the New Year's bow and just wanted to give pocket money to my nephews and nieces, so I transferred the money in advance," adding, "It was always a hassle to withdraw cash, but this time my nephews and nieces reacted well, so I felt like a thoughtful aunt."

According to Kakao on the 23rd, the 'Money Transfer Envelope Feature' has been added again this year for the Lunar New Year holiday. When sending money via KakaoPay on KakaoTalk, selecting an envelope displays a lucky pouch effect to the recipient. This feature is available until the 28th.

KakaoPay introduced the 'Money Transfer Envelope Feature' in 2017. It allows users to send cash along with a message appropriate to the occasion. This year, envelopes with messages such as 'Seollal' (Lunar New Year), '2020', 'Become Rich', and 'Thank You' are available for transfers.

During the Lunar New Year holiday, Kakao's transfer amounts tend to increase every year. According to Kakao, in 2018, the transfer amount around the Lunar New Year holiday increased by 19% compared to usual, and in 2019, it increased by 29%. KakaoPay's scale has also grown rapidly every year. The transaction volume (transfer amount + online/offline payment amount) increased from 3 trillion won in 2017 to 20 trillion won in 2018, and to 32.9 trillion won in 2019. The cumulative number of subscribers has reached 30 million.

However, many people still give and receive New Year's money in cash. According to the financial sector, commercial banks plan to operate mobile branches at train stations and highway rest areas during the Lunar New Year holiday to support deposit and withdrawal transactions and exchange of new bills. Additionally, flexible branches will operate at airports and areas with a high concentration of foreign workers to provide deposit, withdrawal, transfer, and currency exchange services.

Housewife Yoo Taehwa (57) said, "No matter how much the world changes, the real joy comes from exchanging money envelopes in person," adding, "It feels empty and awkward if you receive a New Year's bow but have nothing to give."