Mobile financial service users increase over 2 years

SEOUL, May 25 (Yonhap) — South Koreans’ use of mobile banking and other online financial services increased in 2021 from two years earlier, with customers preferring contactless services amid of the coronavirus pandemic, central bank data revealed on Wednesday.

The Bank of Korea (BOK) said its 2021 survey of 3,536 Koreans aged 19 or older showed that 65.4% of respondents said they had used mobile financial services in the past month. ,

The percentage was up from 57.1% in 2019, before the COVID-19 outbreak in the country.

Additionally, around 42% of respondents said there had been a change in the frequency of use of mobile financial services.

In particular, people aged 40 or younger and households with an annual income of 30 million won ($23,740) use mobile financial services more, according to the results.

When it comes to payment, people in their 20s used debit cards more, with people in their 30s to 50s relying more on credit cards. Koreans aged 60 or older prefer cash.

According to separate BOK data released in March, daily usage of online banking, including mobile banking, reached 17.32 million in 2021, from 14.68 million a year earlier.

Stephen V. Lee