Mobile Banking Rapid Growth Continues... Last Year's Transaction Amount Reached 14 Trillion Won

by Mun Jewon

Published 07 Mar.2023 12:00(KST)

Last year, the number and amount of mobile banking transactions increased by more than 10% compared to the previous year, continuing a rapid growth trend.

According to the "Domestic Banks Internet Banking Service Usage Status" announced by the Bank of Korea on the 7th, the average daily number of mobile banking transactions last year was 16.84 million, an increase of 17.3% compared to the previous year. The transaction amount was 14.2 trillion KRW, up 10.3% during the same period.

The number of registered mobile banking customers reached 169.22 million, an increase of 10.3%. Due to the influence of internet-only banks, mobile banking has maintained an annual growth rate exceeding 10% from 2019 to 2022.

Last year, the number of registered mobile banking customers and transaction volume for internet-only banks increased by 2.5 times and 2.7 times respectively compared to 2019, showing relatively higher growth compared to commercial banks (1.2 times and 1.5 times).

Accordingly, the share of internet-only banks in mobile banking transactions (fund transfers and loan application services) expanded significantly from 16.8% in 2019 to 25.7% last year.

The total number of registered internet banking customers of domestic banks, including mobile banking, was 207.04 million, an 8.5% increase over one year. This is based on customers of 19 domestic banks and Korea Post Savings, with duplicate counts included if the same individual registered with multiple banks.

The number of registered individual and corporate internet banking customers increased by 8.6% and 7.2%, reaching 194.26 million and 12.78 million respectively.

Looking at the average daily internet banking usage, the number of transactions and amount were 19.71 million and 76.3 trillion KRW respectively, expanding by 13.8% and 8.2% compared to the previous year.