Mobile Banking Usage Hits 14.3 Trillion Won in a Day... 'All-Time High'

The Bank of Korea, Domestic Banks Internet Banking Usage Status in the First Half of the Year

[Asia Economy Reporter Seo So-jeong] Due to the impact of COVID-19 and the activation of mobile transactions, the average daily usage of mobile banking in terms of amount reached a record high of 14.3 trillion KRW. This represents a 9.2% increase compared to the second half of the previous year and is the highest since statistics began in December 2009.

According to the "Status of Domestic Banks' Internet Banking Service Usage in the First Half of 2022" announced by the Bank of Korea on the 15th, as of the end of June this year, the average daily number and amount of mobile banking transactions were 16.03 million and 14.3 trillion KRW, respectively, both increasing by 9.2% compared to the second half of the previous year.

With the average daily usage amount of internet banking (including mobile banking) exceeding 75 trillion KRW, mobile banking usage accounted for more than 14 trillion KRW.

As of the end of June this year, the number of registered internet banking customers at domestic banks, including mobile banking, totaled 199.5 million, up 4.5% from the end of the previous year. Among them, the number of registered mobile banking customers was 162.55 million, an increase of 6.0%.

The number of registered individual and corporate internet banking customers was 187.12 million and 12.38 million, respectively, marking increases of 4.6% and 3.9% compared to the end of the previous year.

Accordingly, internet banking usage also increased. In the first half of 2022, the average daily number and amount of inquiries, fund transfers, and loan application services via internet banking (including mobile banking) were 18.82 million and 75.1 trillion KRW, respectively. These figures represent increases of 6.9% and 2.8% compared to the second half of the previous year.

In particular, the amount used for loan application services surged by 66.8% to 1.3 trillion KRW compared to the second half of the previous year. The Bank of Korea explained that "the increase in loan application amounts was influenced by the launch of new loan products by internet-only banks."

Meanwhile, the proportion of mobile banking in the total internet banking usage continues to rise, accounting for 19.1% in terms of amount and 85.2% in terms of number of transactions.

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