S. Korea Electronic Payment Hits Record High in Q3

Seoul, The amount of payments made electronically hit a record quarterly high in the third quarter, central bank data showed Monday, in the latest sign that a growing number of South Koreans are using electronic means for financial transactions.

The daily average amount of electronic financial transactions came to 363.1 billion won about (US$306 million) in the July-September period, up 12.8% from the previous quarter, according to the data from the South Koreans Bank of Korea (BOK).

The Q3 reading marks an increase from a 7% on-quarter rise tallied in the second quarter of 2016. It also marked the highest amount since 2008, when the central bank started collecting data on electronic payments.

The data also showed the daily average number of electronic financial transactions increased 1.6% on-quarter to more than 21.1 million.

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

As of end-September, there were 82 electronic financial service providers in South Korea, with two new service providers added to the list since the previous quarter, according to the BOK.

They include escrow and payment gateway service providers, as well as online financial institutions that are strictly dedicated to online or mobile payment services, South Korea’s News Agency (Yonhap) reported.

Source: Qatar News Agency