Electronic payments hit record high in 2016

Published : Mar 22, 2017 - 16:23 Updated : Mar 22, 2017 - 16:23

The amount of payments made electronically hit a record high in 2016, central bank data showed Wednesday, underscoring the growing trend of South Koreans using electronic means for financial transactions.

The daily average amount of electronic financial transactions came to 343.5 billion won ($306 million) in 2016, up 36.1 percent from a year earlier, according to the data from the Bank of Korea.

Electronic financial transactions made by using a smartphone (Yonhap)

The reading marked the highest amount since 2007 when the central bank started collecting data on electronic payments.

The data also showed the daily average number of electronic financial transactions increased 4.4 percent on-year to more than 20.2 million.

Electronic financial transactions include all Internet and mobile-based payments, as well as purchases made with electronic credit and debit cards.

As of the end of 2016, there were 85 electronic financial service providers in South Korea, according to the BOK.

They include escrow and payment gateway service providers, as well as online financial institutions that are strictly dedicated to online or mobile payment services. (Yonhap)