Changed Consumption Patterns Due to COVID-19... Contactless Payments Increase by 23%

On the 8th, the Bank of Korea Announces 'Domestic Payment and Settlement Trends'

[Asia Economy Reporter Jang Sehee] In the first half of the year (January to June), non-face-to-face e-commerce card payment amounts increased by more than 20%. This is due to the rise in online consumption caused by COVID-19.

According to the "Domestic Payment Trends" announced by the Bank of Korea on the 8th, the average daily usage amount of payment cards such as credit, check, and prepaid cards in the first half was 2.7 trillion KRW, an 8.4% increase compared to the same period last year.

Looking specifically at credit cards by consumption type, payment amounts in the e-commerce sector surged 23.0% year-on-year, while payments related to travel (8.5%) and entertainment/culture (5.4%) also increased. However, payments at restaurants decreased by 8.9%.

The Bank of Korea analyzed that when using delivery apps, the card payment industry is classified and aggregated as "e-commerce."

When dividing total payments into face-to-face and non-face-to-face, the average daily non-face-to-face payment amount via mobile (smartphones) in the first half was about 1 trillion KRW, increasing by 23.4%.

This non-face-to-face payment statistic applies to cases of mobile-based payments.

Meanwhile, face-to-face payment amounts averaged about 1.4 trillion KRW per day, increasing by only 2.8%.

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