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Ⅲ Social Issues

Kakao
The two sides of
Bank

The advantages of Kakao Bank ilar. However, Kakao Bank receives widespread
support from ordinary citizens, as it abolished such
Have you ever seen a card with characters like
a fee system. In addition, interest rates were in-
Ryan or Appic? Debit with cute characters arouse
creased from 0.2 to 0.5 percent, and
our curiosity. These are check
various financial services such as
cards for Kakao bank. Kakao
real-time free consultation services,
made steady strides after its re-
make it more attractive.
lease of Kakao Talk in 2010 and,
The third reason is its marketing
three years after its launch, it sur-
uses the Kakao Friends, exclusive
passed 100 million subscribers.
Kakao characters as mentioned
Kakao Group has expanded its
above. Kakao Friends started off as
business in various fields and
emoticons of Kakao Talk, but be-
eventually established Kakao
came more popular after being mar-
Bank, the second largest Internet
keted with a variety of goods.
bank, in Korea last July. With the enrollment of
Therefore, Kakao’s printed cards were sold out in
three million subscribers in just one month, the
just three weeks, selling 150 million copies. It is so
company is threatening the existing banks at an un-
popular that people who want to buy it can’t. The
precedented speed. So why is Kakao Bank so pop-
unique and cute character marketing of the card is
ular?
attractive to young customers, and the various
First, it was the reliability of the Kakao brand plat-
amenities included in the card will further enhance
form. Kakao Bank is supported by Kakao Talk.
the use of the card by other age groups.
Kakao Talk has had the most domestic users since
Kakao Bank is completely differentiated from other
2014 and has grown into the messenger app used
banks for various reasons. There is a lot of interest
by the largest number of people. Through years of
in people with a keen eye. However, it has not been
validation, its reliability has been recognized. Fur-
released yet and it needs a period of time for its
thermore, the simplicity of opening a bank account
own service to stabilize. To maintain the current
is another one of the great advantages of Kakao
popularity, Kakao Bank will need constant develop-
Bank. Therefore, KakaoBank is popular because of
ment and painstaking effort. So far, Kakao Bank's
its highly accessible approach and deviation from
chances are very strong based on previous
the complexities of conventional banks.
achievements. However, we will have to watch
The second reason is that the commission on
carefully, as there are many variables in the future.
transfers is less expensive than other banks. In the
case of an existing bank, a certain amount of com-
mission is attached when transferring money to an- The problem with the Kakao Bank
other bank or overseas. For example, Woori Bank Kakao Bank, Korea`s no. 2 internet banking unit, is
is priced at 500 won per service and charges a fee rapidly growing at an unprecedented pace. There
of 2,000 won to 5,000 won when transferring are several reasons for this explosive popularity,
money overseas. Other banks ’conditions are sim- and one of them is its loan products. Currently,

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