SEOUL, Aug. 9 (Korea Bizwire) – South Korea’s mobile banking, mostly based on smartphones, continued to grow quickly in the second quarter of 2016, with the daily average transaction volume exceeding 3 trillion won (US$2.7 billion), central bank data showed Tuesday.
The daily transaction volume rose 6.3 percent on-quarter to 3.78 trillion won during the April-June period, according to the Bank of Korea (BOK).
It topped 2 trillion won just one and a half years ago, indicating that mobile banking is rapidly expanding in the tech-savvy nation.
A total of 73.6 million people were registered for mobile banking service as of the end of June, up 2.3 percent from three months earlier. South Korea has a population of 50 million but many people have multiple bank accounts.
Total smartphone banking usage also jumped 3.4 percent to 52.7 million actions a day, 92 percent of which was to check account balances.
All Internet banking service usage edged up 0.3 percent to 86.2 million and transaction volume climbed 2.8 percent to 42.37 trillion won.
The ratio of mobile banking to all Internet banking service stood at 61.3 percent in terms of service use.
Mobile banking accounted for only 7.3 percent, however, in terms of the amount of transactions.
It’s because mobile banking is used largely for balance checks and remittance of a relatively small sum of money, said a BOK official.