S.Korea's money transfer via mobile payment apps posts double-digit growth in H1

Source: Xinhua| 2020-09-14 14:48:14|Editor: huaxia

SEOUL, Sept. 14 (Xinhua) -- South Korea's daily money transfer through mobile payment apps posted a double-digit growth in the first half as the COVID-19 outbreak increased online financial transactions, central bank data showed Monday.

The daily average money transfer through smartphone apps, such as Kakao Pay, Naver Pay and Toss, amounted to 322.6 billion won (272.5 million U.S. dollars) during the January-June period, up 20.3 percent from the previous six-month period, according to the Bank of Korea (BOK).

The number of daily money transfer using smartphone payment apps gained 4.7 percent to 2.91 million in the cited period.

It came as people resorted to online financial transactions amid the fear of the virus infections.

The credit card-based mobile payments amounted to 213.9 billion won (180.7 million U.S. dollars) in the first half, up 12.1 percent from six months earlier.

The daily average electronic payments using payment gateway (PG) services advanced 15.3 percent to 676.9 billion won (571.8 million U.S. dollars) in the six-month period.

The PG is an online payment service that allows customers to safely use credit cards and other payment tools when shopping goods and services in the cyberspace. Enditem