South Korea’s contactless payment posts double-digit growth

SEOUL (XINHUA) – South Korea’s contactless payment posted a double-digit growth in the first nine months of this year amid the COVID-19 pandemic, the central bank data showed yesterday.

The daily contact-free payment averaged KRW833 billion (USD734 million) in the January-September period, up 17 per cent from the same period of last year, according to the Bank of Korea (BoK).

The contact-free payment includes payment in online shopping as well as the payment through the use of mobile devices in the face-to-face transactions.

During the nine-month period, the daily average face-to-face payment amounted to KRW1.4 trillion (USD1.2 billion), down 3.7 per cent compared to a year earlier.

The situation came as people refrained from outdoor activities and face-to-face transactions amid the COVID-19 pandemic.

Among the credit card usage, e-commerce transactions, automotive purchase and insurance payment advanced in double digits, but payments for travel, education services, and leisure and culture declined in double figures during the nine-month period.