South Korea kicks off cash-back rewards program to boost card use

Card users can receive up to $85 in cashback rewards per month.

South Korea has kick-started its cash-back reward program to boost card use as part of its efforts to boost private spending, reported Yonhap, based on an announcement from the Ministry of Economy and Finance.

The two-month scheme, which began this October, will allow people to receive up to $85 or KRW100,000 per month if their card spending exceeds 3% of their monthly average use in the second quarter.

The government has set aside KRW700b in its budget to fund the scheme.

People can receive the benefit when they use cards at supermarkets, restaurants, accommodations, hospitals, and other offline stores run by small merchants, as well as through delivery apps.

Join Asian Banking & Finance community

Spending at large discount stores, department stores, large online shopping malls, luxury goods shops, and entertainment establishments will not count toward the cash-back rewards.

Follow the link s for more news on

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

SMBC, Fujitsu Limited to create data analytics business
Japanese companies reportedly want data-driven operations to improve efficiency.
India’s credit card spend slumps 9% MoM to 7-month low
Whilst spending grew 12% YoY, the pace of growth has slowed compared to previous months.
CommBank establishes tech hub in Seattle
The first cohort focuses on learning to fast track adoption of agentic AI and gen AI solutions.

Exclusives

Philippine central bank eyes AI rules for banks
Artificial intelligence should not diminish banks’ responsibility to uphold data privacy.
RCBC boosts rural presence with ATM Go
The service, which allows cardless transfers, is now available in all Philippine cities.
BCA superapp drives digital transaction growth
Inter-account transfers were the most widely used service, followed by virtual payments.