Last Year Card Approval Amount 856.6 Trillion KRW... 5.7% Increase YoY

Number of Card Payments 21.75 Billion
9.7% Increase Compared to Previous Year

[Asia Economy Reporter Ki Ha-young] Last year, the approved card payment amount and the number of transactions each exceeded 856 trillion won and 21.7 billion transactions, respectively.

According to the Credit Finance Association on the 11th, the total card approval amount last year was 856.6 trillion won, an increase of 5.7% compared to the previous year. The number of approved transactions also increased by 9.7% year-on-year to 21.75 billion transactions.

The credit card approval amount and number of transactions were 666.8 trillion won and 13.19 billion transactions, respectively, increasing by 5.5% and 10.3% compared to the previous year. Check cards recorded 189.1 trillion won and 8.53 billion transactions, up 6.5% and 8.7% from the previous year.

However, the approval amount for corporate cards decreased. Although the number of corporate card approvals increased by 100 million transactions to 1.31 billion transactions compared to the previous year, the approval amount decreased by 0.6% year-on-year to 150.6 trillion won.

As the number of transactions increased more than the approval amount, the average approval amount also decreased by 3.7%, from 40,886 won in 2018 to 39,392 won last year. In particular, the average approval amount for corporate cards decreased significantly by 8.2% year-on-year to 114,665 won. The average approval amounts for credit cards and check cards were 50,564 won and 22,160 won, respectively, showing decreases of 4.4% and 2.0% compared to the previous year.

Meanwhile, in the fourth quarter of last year, the total card approval amount was 225.1 trillion won, and the number of approved transactions was 5.66 billion, increasing by 7.3% and 10.1%, respectively, compared to the same period last year.

This content was produced with the assistance of AI translation services.