Danal, a company specializing in integrated payment business, announced on March 3 that it has launched the "OK x Danal Damoum Account," a combined prepaid recharge and deposit account product designated as an innovative financial service by the Financial Services Commission.
The "OK x Danal Damoum Account" is an embedded finance product that allows users to open a partnered account with OK Savings Bank through Danal’s prepaid recharge platform Damoum app, and deposit 'Damoum Cash,' a prepaid electronic payment method, to receive both interest and payment benefits. Depending on the deposit amount, users can enjoy an annual interest rate of up to 7%. The product adds the efficiency of short-term fund management to a convenient prepaid service and is linked with Danal's prepaid card payments for enhanced convenience.
The core of the service, Damoum, is Danal's proprietary platform with over one million subscribers. It is highly versatile, as it is connected to the "Danal Battery Card," which can be used for payments at card merchants both online and offline nationwide, as well as for simple payment services. Last year, the app was renewed to introduce features such as "Mujeok Pay" (barcode payment), and a proprietary credit evaluation model called "Mideum Power," providing users with customized recharge fee benefits, further enhancing the platform’s usability.
Danal plans to expand its partnership channels to commercial banks under major financial holding companies following this collaboration with OK Savings Bank. Additionally, as part of the continuous upgrade of the Damoum app, Danal is considering adding a feature that allows users to invest in gold using recharge cash, in partnership with a gold exchange. The company is also actively discussing ways to integrate stablecoins into Damoum in collaboration with global stablecoin companies and major domestic financial institutions that partnered with Danal last year.
A Danal representative stated, "The OK x Danal Damoum Account service is a new-concept financial product that maximizes the platform’s lock-in effect by combining Danal’s payment infrastructure with unprecedented financial benefits. We will continue to discover innovative business models to expand the Damoum ecosystem and actively link with new business initiatives within the group to further enhance our service competitiveness."
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