Toss Bank lowers debit card issuance age to 7

Toss Bank has announced a significant reduction in the minimum age for debit card issuance, now allowing children as young as 7 years old to obtain one. This change aligns with a recent revision to the Specialized Credit Financial Business Act, broadening access to financial tools for younger individuals.

Parents can now apply for a debit card for their child when setting up a new account for them. The process is managed through the Toss Bank app, where parents act as the legal representative for the application. This streamlined digital process allows for application and issuance entirely within the app.

Children aged 7 and above who receive a Toss Bank debit card will be eligible for the card's existing "Switch Cashback" benefits. To ensure responsible usage, the bank has implemented payment restrictions. Transactions are limited in certain sectors, specifically those deemed harmful to minors, to promote safe card usage among young customers.

Currently, Toss Bank serves approximately 900,000 minor customers with its debit cards. This move by Toss Bank aims to provide younger individuals with early access to financial management tools and benefits, while incorporating safety measures for their protection.