Minimum age drops from 12 to 7 under revised financial regulations

[Provided by Toss Bank]
[Provided by Toss Bank]

Toss Bank said Thursday it has lowered the minimum age for debit card issuance from 12 to 7, following an amendment to the enforcement decree of the Specialized Credit Finance Business Act.

Children aged 7 and older can now receive a Toss Bank debit card when a parent opens a children's account for them. Parents can apply for the card as legal guardians through the bank's children's service, which is bundled with the account-opening process.

The entire process — from application to issuance — can be completed within the Toss Bank app, with no need to prepare separate documents or visit a branch. The bank has automated family-relationship verification and other document checks required during account opening and card issuance, allowing parents to manage their children's financial services conveniently from the app.

The card being extended to younger customers is the standard Toss Bank debit card, not a separate children's product. Minor customers aged 7 and older will therefore have full access to the card's Switch Cashback benefits. Users can choose from options including offline, online, universal and donation cashback, and can switch between them as needed.

Spending restrictions will apply to keep minor customers safe. Toss Bank blocks card payments at establishments deemed harmful to minors, among other restricted merchant categories. Children can build everyday payment experience using a debit card in their own name, while parents can monitor their child's financial activity through the children's account transaction history.

"Lowering the eligible age opens a great opportunity for children to encounter and experience finance on their own," a Toss Bank official said. "We will do our best to improve our service — backed by safety features and a convenient system that ease parents' concerns — so that the whole family can develop a healthy financial mindset."

Toss Bank currently has about 900,000 minor debit card customers. The bank plans to use this expansion to improve the financial experience for minor customers and the account-management experience for their parents.


won@heraldcorp.com