Electronic Payment Transactions Average 860 Billion Won Daily... Record High Ever

[Asia Economy Reporter Jang Sehee] As non-face-to-face online transactions increase, the scale of 'electronic payment,' which refers to online payments through credit cards, account transfers, etc., recorded an all-time high in the first half of this year.

According to the 'Electronic Payment Service Usage Status' announced by the Bank of Korea on the 13th, the average daily PG usage amount in the first half of this year was 863.5 billion KRW, an increase of 12.8% compared to the previous quarter.

The number of transactions also increased significantly, with an average of 20.91 million transactions per day, up 13.0% from the previous quarter.

PG refers to a service that transmits and receives payment information or acts as a settlement agent so that payments can be received from buyers and paid to sellers.

The usage performance of 'prepaid electronic payments,' which allow payment or remittance of transaction amounts using prepaid funds charged in advance, also increased significantly.

The usage performance of prepaid electronic payments in the first half of the year was an average of 624.7 billion KRW and 22.28 million transactions per day, increasing by 23.9% and 14.7%, respectively, compared to the previous quarter.

Simple payment and simple remittance also showed significant growth.

The usage performance of simple payment services was an average of 559.0 billion KRW and 18.21 million transactions per day, increasing by 12.5% and 12.9%, respectively, compared to the previous quarter. Simple remittance services recorded 481.9 billion KRW and 4.07 million transactions, increasing by 23.5% and 13.1%, respectively, compared to the previous quarter.

Meanwhile, the Bank of Korea has been investigating the usage performance of simple payment and remittance services since 2016, separately from the electronic payment service statistics, after the mandatory use of public certificates was abolished.

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