, Korea

South Korea's internet banking transactions up 20.6% in 2020

Daily, there were than 13 million online banking transactions in the country last year.

Daily transactions of internet banking services in South Korea rose 20.6% in 2020 compared to the previous year, reports Yonhap, based on central bank data released on 5 April.

The value of daily transactions via online banking, including mobile banking, reached $52b (KRW58.7t) last year, compared at only KRW48.6t in 2019, according to the Bank of Korea (BOK).

The daily use of online banking services reached 13 million cases as of end-December, up 11.9 percent from the previous year.

A record-breaking 9 trillion mobile banking transactions occurred last year, according to BOK. Daily, about 13 million online banking transaction services occurred in South Korea as of end-December, 11.9% higher than 2019’s daily average of 10 million cases.

The daily transactions by mobile banking or banking services accessed via mobile devices were valued at KRW9.03t in 2020, up 45.2% from the previous year.

Trading through mobile banking services has been on a steady rise following the launches of two internet-only banks in 2017, noted Yonhap.

Last year, mobile banking accounted for 15.4% of the total internet banking transactions.

Meanwhile, the number of internet banking subscribers registered with 18 financial institutions came to 170 million as of end-December, up 7% from the previous year. This does not account for multiple accounts, as BOK’s computation is a simple sum of all registered users at internet and mobile banking service providers in the country.

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