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(Yonhap) |
The value of daily retail payments grew 15.2 percent on-year in 2020 as online financial transactions increased amid the COVID-19 pandemic, central bank data showed Wednesday.
The value of daily retail payments, which are typically made between individuals and non-financial firms on a small sum of money, stood at 80.2 trillion won ($72 billion) last year, compared with 69.6 trillion won in 2019, according to the data by the Bank of Korea (BOK).
With COVID-19 spreading, more consumers are using contact-free payment systems, the BOK said in a statement.
Separately, the BOK has said the amount of payments made electronically hit a record high last year.
The daily average amount of electronic financial transactions came to 705.5 billion won in 2020, up 32.7 percent from a year earlier.
The reading marked the highest amount since 2007, when the central bank started collecting data on electronic payments. (Yonhap)
