S.Korea's contactless payment posts double-digit growth in first 9 months

Xinhua News,SEOUL
2020-11-03 14:40

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SEOUL, Nov. 3 (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 Tuesday.

The daily contact-free payment averaged 833 billion won (734 million U.S. dollars) in the January-September period, up 17 percent 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 1.4 trillion won (1.2 billion U.S. dollars), down 3.7 percent 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.
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