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S.Korea's use of mobile banking services hits record high in 2021

SEOUL
2022-03-02 15:26

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SEOUL, March 2 (Xinhua) -- The use of mobile banking services in South Korea hit a record high last year as people refrained from visiting offline bank branches amid the COVID-19 pandemic, central bank data showed Wednesday.

The daily average amount of mobile banking services usage recorded a fresh high of 12.86 trillion won (10.7 billion U.S. dollars) in 2021, up 36.6 percent from the previous year, according to the Bank of Korea (BOK).

The daily average number of services usage advanced 22.9 percent to 14.36 million last year.

The record-high figure came as people preferred online banking services on the fear of the COVID-19 infection.

The daily average amount of Internet banking services use, including mobile banking, reached a new high of 70.55 trillion won (58.5 billion U.S. dollars) in 2021, up 19.6 percent from the previous year.

The daily average amount of loan applications through Internet banking picked up 56.9 percent to 754.5 billion won (625.7 million U.S. dollars) in 2021 as households rushed to borrow money to surmount the economic slump from the pandemic.

The figure for money transfer via Internet banking went up 19.3 percent to 69.8 trillion won (57.9 billion U.S. dollars).

The number of Internet banking users was 190.86 million at the end of December last year, up 9.4 percent from a year earlier. The reading includes all registered users at local Internet and mobile banking services providers.

The number of mobile banking users increased 13.5 percent to 153.37 million in the cited period.
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