EBN | Will Woori Card CEO Jung Won-jae’s Teen-Exclusive ‘Card Jeongseok’ Work?
EBN reported that Woori Card, following the hit success of its "Card Jeongseok" product, which surpassed 2 million cards issued just eight months after launch last year, plans to introduce a new teen-exclusive version of "Card Jeongseok" targeting middle and high school students this year. Woori Card intends to expand its teenage customer base through joint marketing with League of Legends and YouTube content produced with Card Gorilla.
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Woori Card CEO Jung Won-jae is planning to launch a teen-exclusive "Card Jeongseok" targeting middle and high school students this year. Card Jeongseok is a hit product that surpassed 2 million cards issued just eight months after its launch last year. This year, the company aims to diversify its lineup by customer life stage and surpass 5 million cards issued.
Debit card usage among students under 20 is analyzed to be lower than among those in their 20s to 40s, but higher than among seniors 60 and older. CEO Jung is reportedly devising various strategies to capture demand from this teenage segment.
According to industry sources on the 22nd, Woori Card plans to run joint marketing with Mastercard, the main sponsor of the popular online game "League of Legends" (LoL), during this year's LoL league season, which is expected to further raise brand awareness among teenagers.
Woori Card and Mastercard previously ran a joint promotion last year to mark the domestic hosting of the League of Legends World Championship, offering customers who made purchases above a certain amount at overseas online and offline merchants using their Woori Mastercard, and who entered a drawing on Woori Card's website, a chance to win a package including tickets to the finals.
CEO Jung has also reportedly been paying close attention to YouTube recently. Woori Card plans to work with Card Gorilla, Korea's largest credit card information site, to produce YouTube content gathering consumer questions about Card Jeongseok and answering them together with the product's developers.
Card Gorilla, hosted by content team lead Choi Seo-yun, has been drawing in smart consumers with YouTube content that offers easy-to-understand tips for maximizing benefits across every category of credit card, including year-end tax settlement tips. As of this report, its content titled "KakaoBank Card? Kakao Pay Card? A Complete Breakdown of Confusing Debit Cards" had surpassed 71,685 views.
This multi-pronged online and gaming marketing approach is expected to help drive up the number of Card Jeongseok cards issued to teenagers.
According to KB Kookmin Card, in 2016 the number of debit card transactions among those under 20 stood at 78,763,556, higher than both the 60-69 age group (21,239,524) and those 70 and older (5,615,367).
It is also seen as a positive factor that financial authorities recently lowered the minimum age for debit card issuance from 14 to 12, which is expected to boost demand among teenagers. Once a student enters the first year of middle school, they can use a debit card for up to 30,000 won a day and 300,000 won a month, and the cards can also include a postpaid transit function.
Woori Card cites "industry-leading accumulation and discount benefits, plus additional perks for categories customers use frequently" as the key success factors behind the Card Jeongseok series. Given this, if a teen-exclusive Card Jeongseok is launched, it is expected to offer strong, specialized benefits in categories teens mainly use, such as public transportation and entertainment.
Beyond the teen-exclusive product, Woori Card also plans to launch "Card Jeongseok Premium," tailored to customers 40 and older, rounding out an optimized product lineup for every age group. Series-branded cards can consistently deliver a clear, unified message, doubling their branding effect, and are seen as capable of creating synergy with a "life-stage financial product" strategy aimed at building lifelong customers.
A Card Gorilla representative explained, "A series card has the advantage of firmly imprinting a representative brand under one name while offering a wide range of benefits, broadening consumer choice."