Seoul: The amount of payments made electronically in South Korea advanced by more than 12 percent in the first half of the year from a year earlier, central bank data showed Friday, as a growing number of people engaged in contact-free commerce.
According to Yonhap News Agency, the daily average amount of electronic financial transactions came to 1.72 trillion won (US$1.24 billion) in the January-June period, up 12.8 percent from a year earlier. This growth underscores the increasing reliance on digital financial solutions among South Koreans.
The report further highlights that the daily average number of electronic financial transactions jumped 12.1 percent on-year to 36.75 million over the cited period. This significant rise in the number of transactions reflects the broader trend towards digitalization in financial practices.
Electronic financial transactions encompass all internet and mobile-based payments, as well as purchases made using electronic credit and debit cards. The data suggests that consumers and businesses alike are increasingly opting for digital payment methods, marking a shift in the traditional financial landscape of the country.