[Asia Economy Reporter Song Seung-seop] The National Credit Union Federation of Korea's mobile platform 'OnBank' has surpassed a total of 10 trillion KRW in deposits and savings just over two years after its launch.
According to the National Credit Union Federation on the 29th, as of the 21st, the total amount of deposits and savings in OnBank reached 10.3744 trillion KRW. The number of subscribers has been increasing by about 60,000 per month on average, currently exceeding 1.3 million.
The National Credit Union Federation attributes the popularity to the simplified transfer process. OnBank's simple transfer allows account transfers up to 3 million KRW without security devices like OTP. Within the daily limit, up to 1 million KRW can be sent via messengers and other means. 92% of all OnBank transfers were made through simple transfers.
Additionally, users can enjoy low-tax benefits without visiting branches. Previously, customers had to visit branches directly to receive low-tax benefits. Currently, 34% (3.5405 trillion KRW) of the total deposits have flowed into low-tax products.
OnBank-exclusive mobile products are also popular. These include the 'Union' product, which offers tax-exempt benefits with a common interest rate applied to the average credit union deposit rate, the 'On (溫) Gathering Account' for various clubs and associations, and the loan product '815 My Pocket Credit Loan.'
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