Mobile Banking Daily Transaction Amount Nears 6 Trillion Won, Usage Hits Close to 100 Million Transactions

Published 01 Apr.2020 12:13(KST)

[Asia Economy Reporter Kim Eunbyeol] The average daily number of mobile banking transactions nearly reached 100 million last year. This surge is attributed to the widespread use of smartphones, making mobile banking easily accessible to customers.

According to the "2019 Domestic Internet Banking Service Usage Status" released by the Bank of Korea on the 1st, the average daily number of mobile banking transactions increased by 29.3% from the previous year to 96.86 million, approaching 100 million.

The transaction amount rose by 19.6% to 6.392 trillion KRW, marking the first time it surpassed the 6 trillion KRW mark.

Including mobile banking, the total number of registered internet banking customers at domestic banks reached 159.23 million, an 8.6% increase compared to the end of the previous year. The number of registered mobile banking customers increased by 15.5% to 120.95 million.

Last year, the average daily transaction amount and number of transactions for all internet banking services were 48.8 trillion KRW and 156 million transactions, respectively, up 2.7% and 31.7% from the previous year.

The average daily loan applications through internet banking totaled 15,000 transactions, amounting to 192 billion KRW. This increase is attributed to more people borrowing money from internet-only banks such as KakaoBank and K Bank.

The share of mobile banking in internet banking transactions was 61.9% by number of transactions and 13.1% by transaction amount.

More users are conducting simple financial tasks via internet banking without using bank counters or ATMs.

In terms of deposit/withdrawal and fund transfer transactions, the share of internet banking (including mobile banking) was 59.3% in December last year, up 6.1 percentage points from 53.2% in the same period the previous year. Meanwhile, the share of cash dispensers (CD)/ATMs decreased from 30.2% at the end of 2018 to 26.4% last year, and the bank counter share also dropped from 8.8% to 7.9%.