KB Kookmin Bank launches cash-back service at register

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KB Kookmin Bank launches cash-back service at register

KB Kookmin Bank has launched a new service where customers can take out money from the cashier at convenience stores.

Kookmin Bank said on Friday that it will launch a cash-back service to allow users to obtain small amounts of cash when they make purchases in local convenience stores.

Already popular in countries such as the United States, where consumers can request to add an extra amount to their purchase at retail stores and receive the amount as cash, the service will be tested at 16 With Me convenience stores, operated by Shinsegae Group, and could expand next year.

Users will be able to withdraw as much as 100,000 won ($83) daily with their debit cards or credit cards using the cash advance option. ATMs in convenience stores usually charge fees of up to 1,300 won, but the cash-back service will charge 900 won.

“This will especially come in handy at night when ATM machines of the banks are closed,” Kookmin said in its report.
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