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The Korea Herald
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THE INVESTOR
March 29, 2024

Finance

Korean online banking transactions dip in Q2

  • PUBLISHED :August 28, 2018 - 14:02
  • UPDATED :August 28, 2018 - 15:13
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[THE INVESTOR] The value of daily transactions of internet banking services in Korea dropped in the second quarter for the first time in 15 months, central bank data showed on Aug. 28.

The average number of daily transactions processed via computers, smartphones and other mobile devices came to a record 116.64 million in the April-June period, up 7.5 percent from a quarter earlier, according to the data by the Bank of Korea.

The number of daily transactions carried out on smartphones rose 9 percent on-quarter to 73.48 million in the second quarter.

But the average amount of money processed through such means fell 1.2 percent to 53 trillion won (US$47.70 billion) in the three-month period.

It is the first time that the figure has posted negative growth since the first quarter of 2017.

The decline came as daily mobile transactions slid 5 percent to 5.09 trillion won over the cited period.

The BOK said transactions through mobile banking services had been on a sharp rise throughout last year following the launch of internet-only banks, which focused on offering low-rate loans.

But they started to decrease after peaking at a daily value of 169.2 billion won in such loan services by two online banks -- K bank and Kakao Bank -- in the third quarter of 2017.

Some 139.2 billion won worth of mobile loan services were settled per day in April through June this year.

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

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