Kookmin Bank launches budget phone Liiv M

KB Financial Group Chairman Yoon Jong-kyoo, third from right, applauds with KB Kookmin Bank CEO Hur Yin, second from left, and other officials at the bank's event marking its launch of Liiv M, a budget phone service at the Banyan Tree Club & Spa, Monday. First from left is LG Uplus CEO Ha Hyun-hwoi and third from left Financial Services Commission Vice Chairman Sohn Byung-doo. Courtesy of KB Kookmin Bank

By Kim Bo-eun

KB Kookmin Bank Monday launched its budget phone service Liiv M, which will provide users with low-cost plans and convenient mobile banking services.

The service, which was operated in cooperation with mobile carrier LG Uplus, is intended to attract more mobile banking customers, especially younger ones.

The new service will enable users to skip existing verification processes when accessing the bank's mobile services, through a USIM chip.

The Liiv M service, seen as a hybrid of banking and telecommunication services, provides various discounts.

Customers can get discounts if they sign up for services such as automated apartment maintenance fee transfers, or have a record of making payments with a KB Kookmin bank card.

Liiv M is the first budget 5G data plan. It offers unlimited 5G data plans that begin at 7,000 won a month.

Customers can purchase Liiv M mobile phones on Liiv M's website at discounted rates. The models are Samsung's smartphones ― the Note 10+, Galaxy S10, Galaxy A90 and Galaxy A50.

They can get further discounts when paying for their phone or mobile plan with a KB Kookmin card.

Currently, the new service is available only for KB Kookmin Bank employees. It will be available to all KB Kookmin Bank customers starting Nov. 4.

“We are hoping to expand Liiv M's customer base to include more younger customers,” a bank official said.

The bank is seeking to secure teens as customers as they sign up for their first phones, as the smartphone penetration rate in the age group is over 90 percent.