SEOUL, Oct. 17 (Korea Bizwire) — The value of daily money transfers via mobile payment apps in South Korea surpassed 200 billion won (US$168.6 million) in the first half of the year, central bank data showed Thursday, as more people used smartphones for financial services.
The value of daily money transfers via smartphone apps, such as Toss, Naver Pay and KakaoPay, stood at 200.5 billion won in the January-June period, up 60.7 percent from six months ago, according to the data by the Bank of Korea (BOK).
Toss, Naver Pay and KakaoPay accounted for 93.7 percent of all daily money transfers in the first half, the data showed.
The number of money transfers via smartphone apps also jumped 34.8 percent from six months ago to 2.18 million in the first half, according to the BOK data.
Meanwhile, the value of daily mobile payments via smartphone apps rose 15.8 percent from six months ago to 162.8 billion won, it showed.