Electronic Payments Jump in H1 amid Pandemic | Be Korea-savvy

Electronic Payments Jump in H1 amid Pandemic

(image: Korea Bizwire)

(image: Korea Bizwire)

SEOUL, Sept. 21 (Korea Bizwire)The amount of payments made electronically posted a two-digit growth in the first half of this year, central bank data showed Wednesday, as the COVID-19 pandemic prompted more people to engage in contact-free commerce.

The daily average amount of electronic financial transactions came to 802 billion won (US$575 million) in the January-June period, up 13.5 percent from six months earlier, according to the data from the Bank of Korea (BOK).

The daily average number of electronic financial transactions rose 4.4 percent to 26.48 million.

Electronic financial transactions include all internet and mobile-based payments, as well as purchases made with electronic credit and debit cards.

They include escrow and payment gateway service providers, as well as online financial institutions that are strictly dedicated to online or mobile payment services.


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