Kakao Bank 'Mini' Surpasses 100,000 Subscribers in 54 Hours

[Asia Economy Reporter Kim Hyo-jin] KakaoBank announced on the 22nd that the number of subscribers to 'KakaoBank Mini (mini for short)', a service for teenagers, exceeded 100,000 within 54 hours of its launch on the 19th. According to the tally as of 6 p.m. the previous day, this means about 1,850 people subscribed per hour.

Mini is a prepaid electronic payment service available to teenagers aged 14 to 18. It can be used by completing mobile phone identity verification, agreeing to terms and conditions, and creating a password through the mobile application (app). It supports general deposits and transfers, as well as easy transfers between friends on the mobile messenger 'KakaoTalk'. Users can check their balance and transaction history in the app and monitor usage in real time through notifications.

It also provides both online and offline payment methods. Upon opening a Mini account, users receive a 'Mini Card' featuring five different Niniez characters. This card allows fee-free deposits and withdrawals at all ATMs nationwide, just like KakaoBank’s existing check cards. Additionally, it can be used like a check card at 'clean merchants'?places excluding those where teenagers are not allowed, such as bars. The card also includes a transportation card function exclusively for teenagers.

The maximum amount that can be stored in Mini is 500,000 KRW, with a daily usage limit of 300,000 KRW and a monthly usage limit of 2,000,000 KRW. Through the KakaoBank app’s income deduction application, the amount spent using the Mini Card can be included in the parents’ income tax deduction.