Internet banking usage jumps 18% in 2021 amid pandemic

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(Yonhap)

South Koreans’ use of internet banking services soared 18% year-on-year in 2021 as customers preferred contactless services amid the coronavirus pandemic, central bank data showed on Monday.

Daily use of online banking, including mobile banking, reached 17.32 million last year, up from 14.68 million a year earlier, data from the Bank of Korea (BOK) showed. ).

Mobile banking usage stood at 14.36 million instances per day, up 22.9% from the previous year and accounting for nearly 83% of the total.

The value of daily transactions via online banking stood at 70.6 trillion won ($58.6 billion), up 19.6 percent from a year earlier.

The daily amount of transactions through mobile banking, or banking services accessed through mobile devices, averaged 12.9 trillion won last year, up 36.6 percent year on year. former.

In particular, the average daily loan taken out through online banking stood at just over 750 billion won last year, up 56.9 percent from a year earlier.

The number of Internet banking subscribers registered with 18 financial institutions stood at 198.6 million at the end of December, up 9.4 percent from a year earlier. The number of mobile banking users grew 13.5% year-on-year to 153.4 million.

The figure is the simple sum of all users registered with the country’s internet and mobile banking providers, meaning the same person can count multiple times into the sum, according to the BOK (Yonhap)

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