Toss Bank's minor debit card customers stand at about 970,000, nearing 1 million. About 1 in 5 people in South Korea aged 7 to 18 use a Toss Bank debit card, and the monthly average number of payments reaches 21, data showed.

Toss Bank said on Nov. 2 it tallied the figures after analysing debit card usage data of minor customers for January to September this year.

Based on statistics from the Ministry of the Interior and Safety, South Korea's population aged 7 to 18 is about 5.16 million. Of those, about 970,000 minors use a Toss Bank debit card. That is about 18.8 percent of the population in that age group.

Minor customers have been using the card steadily. Since March, when the new school term started, the monthly average number of payments per person excluding transport fares was tallied at 21. The average number of payment days a month also exceeded 11.

Convenience stores were the most used payment destination. Among minor customers who used the debit card in September, more than 65 percent made payments at convenience stores. Cafes and general restaurants followed.

By age group, elementary school customers mainly used the card at convenience stores or household goods shops after school. Middle and high school students tended to expand their usage to study cafes, restaurants and delivery apps.

A high share of minor customers also chose card benefits themselves. Toss Bank debit cards offer "Switch Cashback," which lets customers pick the benefit category they want, and about 80 percent of minor customers chose offline benefits.

That was the highest offline selection ratio among all age groups. Toss Bank analysed that children and teenagers were choosing cashback benefits in line with their actual spending patterns.

Toss Bank in June lowered the minimum age for debit card issuance from 12 to 7 in line with amendments to the enforcement decree of the Credit Specialized Financial Business Act.

With the eligible age expanded to include elementary school students, Toss Bank said its debit card has secured a customer base of more than 10 million people, from minors to adults.

A Toss Bank official said, "We will continue to develop practical benefits and services so that children and teenagers can experience their first financial life more easily and proactively."