Nostalgic OK Cashbag Launches Its First Prepaid Card Targeting the MZ Generation

Points can now be accumulated at credit card merchants nationwide
No barcode needed with the new 'OK Cashbag Card'
Major rebranding targets the 2030 generation

SK Planet's integrated mileage service 'OK Cashbag', which has more than 20 million subscribers, is launching a prepaid card. This is the first time in 27 years since the service began that OK Cashbag is releasing its own card.

According to coverage by Asia Economy on June 26, SK Planet will introduce the 'OK Cashbag Prepaid Card' in the second half of this year through partnerships with major credit card companies. With this card, users will be able to accumulate points not only at approximately 90,000 OK Cashbag partner stores, but also at credit card merchants nationwide. The service will also become more convenient. Currently, users have to open the mobile application and show a barcode, but moving forward, SK Planet plans to enable point accumulation and usage simply through card payments.

An industry insider familiar with the OK Cashbag partnership business said, "A partnership contract has been finalized with one card company, and negotiations are underway with other card companies as well. SK Planet is preparing a variety of benefits and events, including point accumulation for card users."

OK Cashbag, which was launched in 1999 and marks its 27th anniversary this year, is pursuing the release of its first card as part of a major rebranding effort to relaunch the service. As an early example of 'apptech' (application + finance), OK Cashbag established itself as a unique service at launch through a point system that could be used like cash at partner stores. However, the service faced difficulties attracting the MZ generation (millennials and Generation Z) as some large franchises began operating their own mileage programs and as the simple payment and e-commerce markets expanded. With the main user base now concentrated in their 40s and 50s and the perception of OK Cashbag as a 'nostalgic service' growing, the need to secure a broader customer base has become apparent.

Previously, as part of the OK Cashbag rebranding, SK Planet introduced a membership program called 'Oki Club' in February. Oki Club members can receive OK Cashbag point benefits and, depending on their level of participation, can also earn 'MOCA Coin' as a reward. MOCA Coin is a virtual asset launched by Animoca Brands, a Web3 company based in Hong Kong. Oki Club surpassed 250,000 members earlier this month.