Card Spending Up in 2022 amid Eased Virus Curbs | Be Korea-savvy

Card Spending Up in 2022 amid Eased Virus Curbs


An employee swipes a customer's credit card through the reader at a restaurant in Seoul on Dec. 23, 2021. (Yonhap)

An employee swipes a customer’s credit card through the reader at a restaurant in Seoul on Dec. 23, 2021. (Yonhap)

SEOUL, March 29 (Korea Bizwire) The amount of daily payments made with cards in South Korea grew about 13 percent last year as eased coronavirus-related restrictions boosted consumption, central bank data showed Wednesday.

Spending made with credit, debit and prepaid cards reached a daily average of 3.1 trillion won (US$2.4 billion) in 2022, up 12.7 percent from a year earlier, according to the Bank of Korea (BOK).

The growth rate was faster than the 9.4 percent on-year gain in 2021, the BOK said.

Credit card spending rose 13.5 percent on-year in 2022, while debit card spending increased 9.6 percent over the same period.

The growth is attributed to a rebound in private sector spending bolstered by eased coronavirus restrictions on outdoor activities and public gatherings.

“Face-to-face payments increased due to a rise in outside activities as COVID-19 quarantine measures were eased,” the BOK said. “Most industries, including travel and restaurants, saw spending growth.”

Of credit card spending, in particular, consumption on travel surged 67.1 percent on-year in 2022, with spending at restaurants rising 25.2 percent, the data showed.

(Yonhap)

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