SEOUL, Might 31 (Yonhap) — South Korean held 3.9 bank cards on common final yr, information confirmed Sunday, as bank card holdings within the nation proceed to extend as extra individuals use bank cards as their most popular cost methodology.
There have been 110.98 million bank cards in South Korea as of end-2019, up 5.92 million from a yr earlier, in response to the Credit score Finance Affiliation.
South Korea’s economically energetic inhabitants, or the variety of individuals aged 15 years or older who’re prepared to work, held 3.9 bank cards per particular person final yr, information confirmed.
The variety of bank cards held by the economically energetic inhabitants topped 4.eight in 2011. It dropped to three.Four in 2014, however has been rising since.
Final yr, the value of bank card spending in South Korea reached a complete of 806.19 trillion received (US$651 billion), with 105 trillion received being bank card loans.
Bank card use accounted for 71.7 p.c of complete personal spending final yr. Together with debit playing cards, using non-cash, electronic-based cost strategies accounted for 90 p.c of complete personal spending.
“Along with the federal government’s coverage help, extra persons are utilizing bank cards as their primary cost methodology as they started to pay their taxes and different micropayments with bank cards,” the affiliation stated. “Since 2014, many cellular, online-based simple cost providers emerged out there, however since a lot of them additionally depend on bank cards, there appears to be no main affect on individuals’s bank card holdings.”