Woori Bank said on Tuesday it will run an event for the Samsung Wallet Money Woori account.

Samsung Wallet Money and Points, launched in October, is a simple payment service available on Samsung Galaxy smartphones.

Users can make payments through Samsung Wallet without registering a separate card by linking a bank account or topping up a virtual account. The service surpassed 1.5 million subscribers within 3 months of launch. Minors and foreign residents in South Korea can also sign up without visiting a bank or going through complicated authentication procedures.

The event, which runs through the end of April, will immediately award 10,000 Samsung Wallet points to customers who newly open a Samsung Wallet Money Woori account, register it as their main account and complete their first payment.

Woori Bank also designated every Saturday as “Wallet Day” to maximise customers’ everyday payment benefits. Customers who register the account as their main account will earn 11 percent points on online payments and 10 percent on offline payments made on Saturdays, and 6 percent online and 5 percent offline on other days.

The Samsung Wallet Money Woori account, available to the first 200,000 subscribers, is a Samsung Wallet-only deposit and withdrawal product that offers an interest rate of up to 3.5 percent per year on balances up to 2 million won. The bank recently expanded subscription channels beyond Samsung Wallet to include Woori Bank branches and WooriWON Banking for customer convenience.

Nam Moon-hee (남문희), deputy head of Woori Bank’s Retail Product Marketing Department, said the bank significantly strengthened accrual rates so customers can feel tangible benefits in everyday payments. Nam said it will continue to introduce innovative services combining everyday finance and simple payments.