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.