Seoul, March 22 (Yonhap) -- A recent report from the Bank of Korea revealed that South Korea has reached a record high in electronic financial transactions in 2024. The surge reflects the increasing shift towards non-contact commerce as consumers embrace convenience and safety in their buying habits.
According to the bank's figures, the average daily amount of electronic financial transactions is projected to hit 959.4 billion won (approximately 657.4 million USD) this year, marking a notable increase of 9.6% compared to the previous year. This growth underscores a significant transition in the way South Koreans engage in financial activities.
Moreover, the data shows the average number of daily electronic financial transactions rose by 12.3% year-on-year to 30.7 million in 2024. This figure includes all online and mobile payments, as well as purchases processed through credit and debit cards.
As the nation adapts to a more digital marketplace, the record volume of electronic transactions emphasizes the growing popularity of contactless payment methods among consumers. In a culture that heavily emphasizes safety, particularly in the wake of the COVID-19 pandemic, many have turned to electronic means as a favorable alternative to cash transactions.
This shift is not only changing consumer preferences but also influencing merchants and businesses to enhance their digital payment capabilities. In response, many retailers are investing in technology to facilitate easier transactions, thus further advancing the trend towards electronic payment systems.
The Bank of Korea began collecting data on electronic payments in 2007, and since then, the figures have shown a steady increase. The growth trajectory highlights a significant transformation in the financial landscape of South Korea, moving from traditional cash-based transactions to a more digital and electronic-based system.
This ongoing evolution is part of a larger global trend where digital payment systems are reshaping economies and facilitating increased consumer spending. As South Koreans become more comfortable with electronic payments, the implications for businesses and the economy are profound.
In conclusion, as we look toward the future, it’s clear that electronic transactions will continue to dominate the market in South Korea. The increasing trust in and reliance on electronic financial systems indicate a major change not just for consumers but also for the entire economic framework of the nation.
