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Electronic payments hit record high in Q1

June 29, 2017 - 12:03 By Paige Shin
The amount of payments made electronically hit a record high in the first quarter, central bank data showed Thursday, in the latest sign that a growing number of South Koreans are using online means to conduct financial transactions.

The daily average amount of electronic financial transactions came to 432.6 billion won ($379.8 million) in the January-March period, up 11.7 percent from the previous quarter, according to the data from the Bank of Korea.

The figure is the highest reached since the central bank started collecting data on electronic payments in 2008.

Still, the daily average number of electronic financial transactions fell 3.5 percent on-quarter to more than 20.8 million.

As of end-March, there were 85 electronic financial service providers in South Korea.

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