Visa: "Corporate Card Use for Accommodation and Taxis Rises Among Business Travelers to Korea... Accommodation Accounts for 60%"
Average Spending of 950,000 Won on Accommodation
Last year, foreign business travelers visiting South Korea primarily used corporate cards for accommodation, taxis, and food and beverages. Half of the total spending was for accommodation.
On July 3, global payment technology company Visa released an analysis of Visa corporate card usage data by foreign business travelers from the previous year.
The United States recorded the highest amount of card spending, followed by Japan and India. The corporate card spending of these top three countries accounted for more than half of the total. Ireland, Vietnam, China, and Australia followed in order.
By region, Seoul had the highest amount of card spending, followed by Suwon, Incheon, Busan, Gyeonggi, and Seongnam.
Corporate card spending was concentrated in areas specializing in business and trade. In Suwon, the proportion of card spending by travelers from India and China was 40% and 30%, respectively, which is higher than the average among the top seven countries. For cards issued in Vietnam, the proportion of spending in Seoul was about 40%, which is relatively low.
Looking at the breakdown by industry for the top seven countries, the average card spending on accommodation was $700 (about 950,000 won), accounting for more than 58% of the total.
Transportation followed at $210 (about 290,000 won), and food and beverages at $60 (about 80,000 won). The average spending on transportation, excluding rental cars, was $25 (about 30,000 won).
More than 80% of offline transportation spending was for taxi use. This is attributed to the limited acceptance of foreign cards on domestic public transportation.
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Including online payments, high-speed rail accounted for the largest share of transportation spending. The amount spent increased by more than 60% compared to the previous year.
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