Credit card usage in South Korea topped a list of major countries in 2011, data showed Monday.
With usage at 129.7 transactions annually per capita, Korea ranked first among the 15 major members of the Bank for International Settlements. Canada and the U.S. came in second and third, respectively, with 89.6 and 77.9 per capita usage of credit cards in the same year.
In 2007, the average Korean made 68.3 credit card payments, less than the average American or Canadian who swiped 78.4 and 71.8 times, respectively.
Since 2008, however, Koreans have shown an increasing tendency to use credit cards.
Combining credit and debit card payments, the per capita amount spent in 2011 in Korea was $9,562 (10 million won), ranking sixth in the world behind Australia and Canada, numbered $18,285 and $15,083, respectively.
“Since the foreign exchange crisis, the government began to implement policies in order to boost consumption and collect taxes, which encouraged payment with credit cards,” a Bank of Korea official said.
By Kwon Bum-joon (
bjkwon@heraldcorp.com)
