Who Gives New Year's Money in Cash These Days... Mobile is the Trend for Sebaetdon Too

[Asia Economy Reporter Kim Bong-gi] #Office worker Kim Yoon-young (37, pseudonym) stopped by a bank near her office just before the Lunar New Year holiday. She was looking for new bills to give as pocket money to her parents and New Year's money to her nephews and nieces. Every year, Kim visited crowded banks before the Lunar New Year holiday to get crisp new bills. However, despite her efforts to get new bills, this year her nephew asked her, "Please send it to my KakaoBank account instead of cash."

According to the industry on the 26th, recently, more people are easily sending and receiving New Year's money using mobile apps of internet-only banks or commercial banks and financial apps. Unlike the past when people lined up at banks just before the holiday to get new bills, the development of cutting-edge digital finance is changing the Lunar New Year customs.

KakaoPay reduced the awkwardness of sending New Year's money by using the 'Lunar New Year Remittance Envelope' feature. You select the recipient in KakaoTalk, enter the amount of New Year's money, and then choose an envelope. If you select an envelope with phrases like 'Lunar New Year,' the recipient receives the money in a mobile envelope. Commercial banks’ smartphone banking apps offer similar New Year's money lucky pouch services.

Users giving New Year's money through Shinsegae Group's simple payment platform using 'SSG Money Gift' within SSG Pay are also expected to increase. In January, ahead of the Lunar New Year, the daily average users of SSG Money Gift showed a 32% increase compared to December of last year.

The mobile remittance service app Toss also operated a New Year's money support service from the 23rd to the 27th. When users share the 'Distribute New Year's Money' link with acquaintances via messenger, the acquaintances receive New Year's money, and the users receive a reward (20% of the New Year's money received by the acquaintances).

As the use of mobile financial services continues, the scene of people crowding banks to get new bills for New Year's money is expected to decrease. However, this year, since the Lunar New Year holiday coincides with the payday period from the 20th to the 25th, the use of new bills seems to have increased.