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Mobile Payments

South Korea: banking via mobile up 24 percent - report

Friday 22 August 2014 | 09:30 AM CET

The number of South Koreans doing their banking via mobile devices jumped 24 % in 2014 from a year ago and now make up more than half of the country’s estimated 93.4 million internet banking accounts, recent findings indicate.

According a report from the Bank of Korea, the country now has 55 million mobile banking users. Many Koreans, of course, have two or more online accounts, making it difficult to calculate internet banking penetration.

The central bank said transactions on mobile devices increased 6.6 % in Q2 to an average of 29.4 million per day.

Mobile users, however, are generally using their mobile to check their bank accounts rather than making larger payments and transfers. Only 4.8 % of the total value of internet banking transactions was done by mobile devices, which account for 46 % all internet transactions. Transfers by mobile devices made up about 9 % of a bank’s total business.

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