April 25, 2024

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[THE INVESTOR] Korea’s internet banking service rose at a fast clip in 2017 with the number of daily transactions and its value reaching record highs, central bank data showed on Feb. 26.

The number of internet and mobile banking service users came to a record 135.05 million last year, up 10.2 percent from a year earlier, according to the data from the Bank of Korea.

The number is the sum of all registered users of 16 internet and mobile banking service providers in the country, including commercial banks.

The average number of daily transactions processed via the Internet, mobile and smartphones came to 94.9 million in 2017, up 8.8 percent from a year earlier, while the average amount of money processed through such means rose 2.7 percent to 43.56 trillion won (US$40.45 billion).

The number of daily transactions carried out on smartphones alone jumped 10.6 percent on-year to 58.6 million last year, with the amount of daily transactions also surging 26.2 percent to 3.96 trillion won over the cited period, according to the BOK.

The number of smartphone-based banking service users came to 90.89 million, up 16 percent from a year earlier, accounting for 67.3 percent of the total online banking service subscribers.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)