Kakao Pay 'Mini Safe' Surpasses 110 Billion KRW in Deposits in Just Two Months

[Asia Economy Reporter Kiho Sung] Kakao Pay and its subsidiary Kakao Pay Securities announced on the 25th that the deposits in the ‘Mini Safe’ have surpassed 110 billion KRW just over two months after its launch.

According to Kakao Pay, the proportion of users who newly opened a Kakao Pay Securities account to create a ‘Mini Safe’, which was introduced last November, reached 19.4%, and the number of users has exceeded 300,000.

Accordingly, considering the high participation rate, Kakao Pay and Kakao Pay Securities decided to extend the deadline for the weekly dice-rolling event they hold until the end of February. When opening a ‘Mini Safe’, users receive dice along with the weekly deposit usage fee, and Kakao Pay Points are separately awarded in multiples of the number rolled on the dice. More than 70,000 people participated in the dice-rolling event in the second week of January.

The ‘Mini Safe’ is a service that allows users to separate and store emergency funds or spare money that is not immediately needed in a separate account. Unlike expenses incurred frequently through various services such as payments, transfers, and investments, it enables more efficient asset management by separately storing reserve funds that have no clear purpose yet but may be needed soon.

When applying for a ‘Mini Safe’, a linked account called ‘Mini Safe’ is created in the Kakao Pay Securities account, and users can set and store the desired amount. The money stored in the ‘Mini Safe’ can be easily deposited or withdrawn anytime as needed, and even if stored for just one day, users can receive a weekly deposit usage fee of 0.6% per annum paid by Kakao Pay Securities. It can store up to 5 million KRW by default, with the limit increaseable up to 10 million KRW. The ‘Mini Safe’ can be opened from the Kakao Pay home screen within KakaoTalk or from the ‘Asset Management’ service tab in the Kakao Pay app.

A Kakao Pay official stated, "It is a meaningful achievement that more than 300,000 linked accounts for storage purposes, not for payments or investments, were opened in just over two months, and the deposits stored have exceeded 110 billion KRW," adding, "We will continue to provide services that help financial life by accurately understanding users’ needs to manage and utilize assets according to their purposes."

This content was produced with the assistance of AI translation services.