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Daily debit card spending in Korea up 15.2% in 2016

Daily debit card spending rose 15.2 percent in 2016 from a year earlier, central bank data showed Friday, in the latest sign of growing popularity of debit cards that offer tax benefits.

Debit card spending on a daily basis came to 424 billion won ($379 million) in 2016, compared with 368 billion won a year earlier, according to the data compiled by the Bank of Korea.

(Yonhap)
(Yonhap)

Meanwhile, credit card holders in South Korea spent an average of 1.84 trillion won a day in 2016, up 9.7 percent from 1.68 trillion won a year earlier, according to the data.

The data showed that the use of credit and debit cards rose as people used less cash for transactions.

The BOK also said South Korean adults carry 77,000 won on average in cash in their wallets, compared to $63 for Americans and $156.60 for Germans. (Yonhap)

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