KakaoBank Dollarbox Hits 1 Million Users in Its First Year

KakaoBank's innovative foreign currency service, 'DollarBox', has achieved a remarkable milestone just one year after its launch. It has broken the record of surpassing 1 million cumulative users, with 1.07 million customers managing their foreign currency through DollarBox as of last May. DollarBox offers the convenience for any KakaoBank deposit and withdrawal account holder aged 19 or older to freely save and withdraw dollars 24/7, 365 days a year, without exchange commission fees. Thanks to this accessibility, the 20s to 40s age group has emerged as a core customer base, accounting for 88% of all users. The gender ratio is also nearly equal, with women at 50.2% and men at 49.8%, demonstrating a broad customer reach. Furthermore, over 1,000 customers have fully utilized the maximum holding limit of 10,000 dollars, proving high interest in dollar investments. Over the past year, the cumulative number of transactions through DollarBox reached approximately 9 million, with a total transaction value of a staggering 6.8 billion dollars (approximately 9.3 trillion Korean won). KakaoBank stated that, when calculated based on a typical exchange rate preference of 90%, this translates to approximately 10 billion Korean won worth of exchange fee benefits returned to customers. A notable feature is 'Gift Dollar'. This service, which allows users to send dollars to KakaoTalk friends, has recorded over 130,000 cumulative uses and is creating a new gift culture by being utilized in various ways such as 'Lucky $2' cards (55%), Christmas and New Year season cards (20%), and family allowances (17%). Physical dollar withdrawals are also convenient. Domestic withdrawals through partner ATMs amount to approximately 10 billion Korean won, and overseas, an amount of approximately 20 billion Korean won (14.8 million dollars) has been withdrawn through integration with Travel Wallet. The number of partner ATMs has expanded from 5 at launch to 12 currently, improving accessibility. In a survey conducted by KakaoBank last April, the biggest reason customers chose DollarBox was 'consistent dollar investment'. This is thanks to the ability to invest in dollars even with small amounts, without complex procedures. KakaoBank stated that it will continue to enhance the convenience of DollarBox and extend its fee waiver policy for currency exchange and domestic ATM withdrawals, providing continuous benefits to customers.