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S.Korea's electronic payment usage rises to record-high in Q1

Xinhua, June 28, 2016 Adjust font size:

Electronic payment usage in South Korea through smartphones and the Internet rose to the highest in the first quarter due to an increase in settlement in online shopping malls, central bank data showed on Tuesday.

Daily usage of electronic payment services averaged 300.3 billion won (256 million U.S. dollars) in the first three-month period of this year, topping the 300 billion-won mark for the first time, according to the Bank of Korea (BOK). The first-quarter figure was up 8.6 percent from the previous quarter.

The increase was attributed to growing settlement in online shopping malls. Usage of agency services to implement electronic settlement and payment on behalf of online shopping malls increased 9.3 percent from the previous quarter to 216.7 billion won on a daily average basis.

The number of electronic payment usage tumbled 10.0 percent from the previous quarter to a daily average of 17.42 million in the first quarter due to a decline in usage of traffic cards.

The number of the traffic card usage dropped 18.9 percent to 10.5 million on average during the quarter as students reduced their usage during the spring break. Enditem