Bank of the year
Woori Bank
Woori Bank in October partnered with Samsung Electronics to launch Samsung Wallet Money & Points, a new digital payments service designed to better serve underage users and foreign residents in Korea, who often face hurdles accessing traditional cashless payment systems.
The bank serves as the exclusive operator of the new service. Samsung Galaxy smartphone users can link a bank account or top up their balance to make payments without a physical card, while earning reward points on each transaction that can be reused for future purchases.
The service had surpassed 500,000 subscribers as of Nov. 10, just three weeks after its late October debut.
South Korea’s mobile payments market has expanded at an annual average pace of more than 20 percent over the past five years, with daily transaction value reaching 1 trillion won ($680 million).
Yet most services still require users to have a credit card or open a bank account under their own name — a barrier that has left minors under 17 who lack government-issued IDs and foreign residents who face complex documentation requirements excluded from many cashless options.
Working with Samsung Electronics since early this year, Woori Bank developed a service offering easy signups, fast top-ups, real-time transfers, secure payments and instant point accumulation.
Users can top up points, send money, withdraw cash at ATMs and make payments directly within the Samsung Wallet app — all without visiting a Woori branch or navigating burdensome identity-verification procedures.
“The partnership is meaningful in that the bank creates synergy and maximizes customer benefits through a collaborative model with Samsung Electronics,” said Woori Bank CEO Jung Jin-wan. “It will provide innovative financial services to more customers.”
The new service offers basic reward points of up to 1.5 percent for online payments and up to 0.5 percent for offline payments. Customers who link a Woori Bank account and use it to top up their Samsung Wallet balance receive an additional 1.5 percent in rewards on each transaction — a Woori-exclusive benefit available through Jan. 31, 2026.
Woori Bank is also offering up to 3.5 percent annual interest on deposits of up to 2 million won through the Samsung Wallet Money Woori Account, a demand-deposit product.
Meanwhile, its Samsung Wallet Money Woori Savings account, a flexible monthly savings plan with a maximum monthly contribution of 300,000 won, provides an interest rate of up to 7.5 percent for the first 100,000 customers who link their Woori Bank account to Samsung Wallet and sign up via the Woori WON Banking app.
A Woori Bank official said the service “marks a new starting point for a more inclusive financial experience,” adding that the bank will continue to enhance user convenience and offer a broader range of benefits to customer.
andreahaneu@heraldcorp.com
