April 27, 2024

• 

The daily amount of payments made electronically nearly doubled last year as a growing number of South Koreans are carrying out their financial transactions on smartphones, central bank data showed on April 3.

The daily average for electronic financial transactions came to a record 126.1 billion won ($111.1 million) in 2018, up 86.2 percent from a year earlier, according to the Bank of Korea. 

Electronic financial transactions include all internet and mobile purchases made with electronic credit and debit cards.

The daily average number of electronic deals last year also surged 87.5 percent from the previous year to 3.92 million, the BOK added.

Meanwhile, the number of mobile money transfers through Kakao Pay and Toss skyrocketed 102.5 percent on-year to a daily average of 1.4 million worth 104.5 billion won in 2018, according to the data.

By Ram Garikipati and newswires (ram@heraldcorp.com)