First Disaster Relief Fund: 65% Spent in First Month... Average Single Payment of 24,000 Won

Toss Analyzes Data of 780,000 Users of 'Disaster Relief Fund Inquiry' Service
"Transactions Under 50,000 Won Account for 89%, 30s and 40s Make Up 63%"

[Asia Economy Reporter Kim Min-young] It has been revealed that about 65% of disaster relief funds were used within the first month of payment. The average payment amount per transaction was 24,000 KRW, with most being small payments.

Viva Republica, which operates the mobile financial service 'Toss,' analyzed approximately 780,000 users of the Toss disaster relief fund inquiry service and found that about 255.5 billion KRW, or roughly 65% of the total amount used, was spent in the first month after payment.

The disaster relief fund inquiry service was introduced from May 14 to the end of August to allow users to conveniently check the usage status and balance of their disaster relief funds, which were provided via prepaid cards, on the home screen of the Toss application (app).

A total of 778,000 people used this service, with total usage amounting to 395.2 billion KRW and 16.28 million transactions. The age groups of users were 30s and 40s, accounting for 34% and 29% respectively, making up 63% of all age groups. This was followed by 20s at 18% and 50s at 16%.

According to the analysis, the amount used in May, the first month of disaster relief fund payment, was 255.5 billion KRW, accounting for 65% of the total usage amount. This was followed by June at 29%, July at 5%, and August at 1%, indicating that 94% of the total usage amount was consumed in the first half of May and June.

Meanwhile, transactions under 50,000 KRW per payment numbered 14.54 million, accounting for 89% of the total 16.28 million transactions, overwhelmingly higher than other ranges. In terms of usage amount, the cumulative amount for transactions under 50,000 KRW was 190.1 billion KRW, accounting for 48% of the total usage amount, nearly half. Transactions in the 50,000 to 100,000 KRW and 100,000 to 300,000 KRW ranges accounted for 19% each, showing that disaster relief funds were mainly used for small payments.

A Toss official added, “As nearly 800,000 customers have used this service, we will continue to introduce various convenient features to alleviate users’ inconveniences in their financial and consumption lives.”