Mobile Banking Daily Transaction Volume Surpasses 9 Trillion Won

The Bank of Korea's 'Status of Domestic Internet Banking Service Usage in 2020'

[Asia Economy Reporter Jang Sehee] Due to COVID-19, the daily transaction amount of mobile banking surpassed 9 trillion won last year.

According to the '2020 Domestic Internet Banking Service Usage Status' announced by the Bank of Korea on the 5th, the average daily transaction amount of mobile banking was 9 trillion won, an increase of 45.2% compared to the previous year.

The total internet banking transaction amount, including mobile banking, also increased by 11.9% year-on-year to an average of 58.7 trillion won per day.

Last year, the number of registered customers for internet banking, including mobile banking, at domestic banks was 170.37 million, up 7.0% from the end of the previous year. In particular, the number of registered mobile banking customers was 133.73 million, an increase of 10.6%. Customers registered with multiple banks were counted multiple times.

Among all financial service channels provided by domestic banks, internet banking (including mobile banking) accounted for 65.8% based on deposit and fund transfer transactions. This is a rapidly increasing trend from 52.6% in 2018 and 58.2% in 2019.

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