FINANCIAL TECHNOLOGY | Cesar Tordesillas, Korea

S. Koreans' Internet banking use inches up in Q2

The use of Internet banking in South Korea rose 0.7 percent in the second quarter from three months earlier.


The Bank of Korea revealed that online banking transactions reached an average of 38.9 million per day in the April-June period, compared with 38.7 million the previous quarter. The data is based on users checking financial records, transferring funds or taking out loans via the Internet.

The total value of Internet banking transactions came to 31.3 trillion won or US$29.7 billion per day, up 0.2 percent from three months earlier, the BOK added.

The number of Internet banking subscribers registered with the 19 local financial firms climbed 2.7 percent on-quarter to 70.9 million as of the end of June.

The majority of transactions were conducted via computers, but the weight of mobile banking, or banking services accessed via wireless handsets, has been on the rise.

Transactions based on mobile banking accounted for 18.4 percent of total Internet banking use, up from 17.4 percent three months earlier. The value of such transactions rose 4 percent on-quarter to a daily average of 610 billion won, the BOK said.

The full story is available at Yonhap News.

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