Credit card transactions by Koreans traveling abroad hit a record high of nearly $10 billion in 2012.

The Bank of Korea said Thursday that more than 20 million Koreans settled their bills overseas via credit card last year, up about 17 percent from 17.4 million the year before.

Credit card payments overseas amounted to $9.4 billion, up about 9 percent from $8.6 billion in the same period.

Although credit transactions reached an all-time high, payments per person stood at just $464 on average, down from almost $500 last year, meaning that people sought less expensive goods and services for purchase and consumption. An increase in the number of Koreans going abroad for leisure and business contributed to the record-high credit spending.

Also, credit payment climbed to its peak in the second half of last year when the pace of the won’s appreciation gained momentum on the back of easy-money policies in advanced economies such as the U.S., analysts said. Japan’s weak yen policy is also increasing volatility and driving the won’s gain.

The won-dollar exchange rate was 1,177.7 won on June 1, 2012, and it currently trades around 1,080 won. A strong won, though not good for exports, makes imports of raw materials, energy resources and industrial parts cheaper, while psychologically boosting travel and spending overseas.

Koreans paid for goods and services overseas with credit cards the most, accounting for 68 percent of all transactions, followed by other payment types such as check cards and debit cards.

Meanwhile, credit spending at home by foreign visitors also hit a record high, reaching $4.8 billion last year, up about 23 percent from $3.9 billion a the year before.

The central bank attributes this to the popularity and state promotion of hallyu, or the Korean Wave, which has attracted a record number of inbound tourists at more than 11.8 million last year.

By Park Hyong-ki (hkp@heraldcorp.com)