South Korean simple payment usage hits record 1.2 trillion won daily average

Daily average usage of simple payment services in South Korea reached a record high of 1.2264 trillion won during the first half of this year, according to data released by the Bank of Korea. This represents a 16.8% increase compared to the same period last year. The number of daily transactions also rose by 12.8%, reaching 38.22 million cases.

Electronic financial service providers, including platforms like Naver Pay and Kakao Pay, saw their daily average usage increase by 17.5%. These providers now account for 55.4% of the total simple payment market. Other significant contributors include mobile phone manufacturers, with a daily average of 286.1 billion won, and financial institutions, averaging 260.2 billion won.

Additionally, simple remittance services based on prepaid funds saw a significant surge, with daily average usage hitting 1.1728 trillion won, a 19.8% increase from the previous year. The Bank of Korea attributed the growth in simple payments to the expansion of e-commerce, while the rise in remittances was driven largely by increased transfers to securities accounts.