Electronic payments in Korea hit new high in 2024

ANI March 22, 2025 155 views

South Korea's electronic payment landscape witnessed unprecedented growth in 2024, with daily transactions averaging 959.4 billion won. The Bank of Korea's data revealed a significant 9.6% increase from the previous year, showcasing the country's rapid digital payment adoption. The volume of daily transactions also surged to 30.7 million, representing a 12.3% year-over-year growth. This record-breaking performance encompasses all digital payment methods, including internet, mobile, and electronic card transactions, highlighting South Korea's advanced digital economy.

"The daily average amount of electronic financial transactions came to 959.4 billion won in 2024" - Bank of Korea (BOK)
Seoul, March 22: The amount of payments made electronically in the Republic of Korea reached a record high last year, central bank data showed Thursday, as a growing number of people engaged in contact-free commerce.

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Daily electronic payments reached record 959.4B won, up 9.6% year-over-year

The daily average amount of electronic financial transactions came to 959.4 billion won (USD 657.4 million) in 2024, up 9.6 per cent from a year earlier, according to the data from the Bank of Korea (BOK).

The reading marks the highest amount since the central bank began collecting data on electronic payments in 2007.

The daily average number of electronic financial transactions jumped 12.3 per cent on-year to 30.7 million in 2024.

Electronic financial transactions include all internet and mobile-based payments, as well as purchases made with electronic credit and debit cards. (ANI/WAM)

Tags:
South Korea Economy Digital Payments Bank of Korea Electronic Transactions Contactless Payments Financial Technology Digital Banking Korean Financial Market
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