As Phase 3 of South Korea’s Nara Love Card rolls out, Shinhan Bank, Hana Bank and IBK Industrial Bank of Korea are intensifying competition to attract service members. Benefits shift away from cinema discounts toward frequently used categories such as OTT services, delivery apps, convenience stores and public transport. The banks are differentiating on PX discounts, cashback terms, interest on salary-linked products and rates on military savings, as well as accident and handset insurance coverage.

Hana Bank said on Jan. 5 its Hana Narasarang Card is gaining word of mouth among prospective and active-duty soldiers on services and discounts. The bank said key benefits such as PX, online shopping and CU discounts come with no spending conditions, while other benefits use low prior-month spending requirements. It also offers up to 20 percent discounts and up to 6,000 won a month for OTT services, plus banking and insurance benefits.