In November, When 'With Corona' Began, Credit and Debit Card Transactions Increased Significantly

Hongdae Street in Mapo-gu, Seoul, in November last year when With Corona was implemented. / Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Song Seung-seop] It has been confirmed that card spending significantly increased following the implementation of the 'With Corona' policy. When the government eased social distancing measures in November last year, consumption surged substantially.

According to the Credit Finance Association's Credit Finance Research Institute on the 9th, the total card approval amount in November reached 87.4 trillion KRW (2.04 billion transactions). This is a 14.0% increase compared to the same month last year, which was 76.7 trillion KRW (1.82 billion transactions). The number of approvals also rose by 11.6%. Credit card approval amounts increased from 60 trillion KRW to 68.4 trillion KRW, a 14.1% rise, while check card approval amounts grew from 16.6 trillion KRW to 18.7 trillion KRW, up 12.3%.

Not only individual cards but also corporate card approval amounts increased. Corporate card approvals, which were 13.4 trillion KRW (110 million transactions), rose to 15.6 trillion KRW (130 million transactions), marking a 16.5% growth. This is believed to be due to the lifting of business restrictions for a month, leading to more private gatherings and increased company dinner meetings.

By industry, card approval performance in the accommodation and food service sector reached 10.92 trillion KRW in November last year, a 14.1% increase compared to the same month the previous year. Additionally, the transportation industry grew by 43.3%, business facility management and business support by 32.4%, education services by 15.7%, and health and social welfare services by 15.9%, all showing simultaneous improvement.

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