Overseas Card Usage in Q1 Drops 30% Compared to Last Year Due to COVID-19
[Asia Economy Reporter Jang Sehee] Due to restrictions on overseas travel caused by COVID-19, the amount spent using cards abroad in the first quarter (January to March) of this year decreased by about 30% compared to the same period last year.
According to the "Card Overseas Usage Performance of Residents in the First Quarter" data released by the Bank of Korea on the 30th, the total amount spent using cards (credit, check, debit) abroad by residents in the first quarter was $2.56 billion (approximately 2.8544 trillion KRW). This is a 28.8% decrease from the first quarter of last year ($3.598 billion). Compared to the previous quarter, the fourth quarter of last year ($2.67 billion), it decreased by 4.1%.
A Bank of Korea official explained, "It is estimated that the card usage amount decreased due to strengthened travel restrictions in various countries following the spread of the UK variant virus at the end of last year and the third wave of COVID-19."
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Meanwhile, by card type, compared to the fourth quarter of last year, credit card usage ($1.784 billion), check card usage ($754 million), and debit card usage ($23 million) decreased by 4.9%, 2.1%, and 4.0%, respectively. Compared to the same period last year, they decreased by 69.7%, 29.4%, and 0.9%, respectively.
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