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S. Korea: Electronic Payment Amount Grows in Q1 Despite Cut in Number of Uses
Source: koreaherald.com
Source Date: Tuesday, June 28, 2016
Focus: Knowledge Management in Government
Country: Korea (Republic of)
Created: Jul 05, 2016

The amount of payments made electronically continued to increase at a fast clip in the first quarter despite a drop in the number of payments made through such unconventional means, central bank data showed Tuesday.

The daily average amount of electronic financial transactions came to some 300.3 billion won ($253.74 million) in the January-March period, up 8.6 percent from the previous quarter, according to the data from the Bank of Korea.

The Q1 reading marks a slight deceleration from a 9.6 on-quarter spike tallied in the fourth quarter of 2015, but the amount has been on a steady increase from 252.3 trillion won in the third quarter of last year.

The increase also came despite a 10 percent on-quarter plunge in the daily average number of electronic financial transactions. 

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

As of end-March, there were 74 electronic financial service providers in South Korea, with two new service providers added to the list since the previous quarter, 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.

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