Operation of 'Point Cashing Service' Even During Seol Holiday

Card Companies Provide Convenience to the Public... Usage Amount 169.7 Billion Won Until the 5th

[Asia Economy Reporter Kwangho Lee] The credit card industry is operating to allow convenient use of the 'point cashing service' even during the Seollal holiday.

According to financial authorities and related industries on the 12th, Shinhan, KB Kookmin, Nonghyup, Woori, Hyundai, and BC Card provide real-time point cashing services for the convenience of the public even during the Seollal holiday.

Cards such as Lotte, Samsung, Hana, Citi, and Post Office, which find it difficult to utilize domestic bank systems in real-time, will have deposits made sequentially starting from the next business day (the 15th) after the Seollal holiday ends.

It is analyzed that the elderly, who do not use mobile banking well, tend to be more familiar with phone authentication via the internet. Therefore, when using the card point cashing service, it is recommended to use the Credit Finance Association's integrated card point inquiry and deposit service site.

A financial authority official said, "It has been one month since the card point cashing service started, and despite some inconveniences in using the service, it has received much attention from the media and the public," adding, "We will listen to various voices and reflect them in system improvements to ensure the service continues to operate smoothly."

Meanwhile, since the card point cashing service started on the 5th of last month, the number of applications reached 14.65 million and the amount used was 169.7 billion KRW as of the 5th. Approximately 470,000 applications were made daily, with about 5.5 billion KRW withdrawn in cash.

In this process, there was also a side achievement of cashing out 8.09 billion KRW in deposits from long-unused and dormant accounts through the Financial Settlement Service's Account Info application.