Internet banking users up 1.4% in Q2

By Yonhap
  • Published : Aug 30, 2017 - 13:27
  • Updated : Aug 30, 2017 - 13:27
The number of Internet and smartphone banking service users in South Korea rose 1.4 percent in the second quarter from three months earlier, central bank data showed Wednesday, in the latest sign that a growing number of people do their banking on their computers or smartphones without visiting bank branches.

In the three months that ended June 30, the number of Internet and smartphone banking service users came to 127.05 million, compared with 125.32 million in the first quarter, according to the data from the Bank of Korea.

The number is the sum of all registered users of 17 Internet and smartphone banking service providers in South Korea, including commercial banks.

The average number of daily transactions processed via the Internet and smartphones came to 93.85 million in the second quarter, down 0.3 percent from the previous quarter, while the average amount of money processed through such means rose 1 percent to 42.35 trillion won ($37.7 billion).

Among them, the number of daily transactions processed via smartphones jumped 1.4 percent on-quarter to 58.16 million, with the amount of daily transactions also surging 2.6 percent to 3.72 trillion won over the cited period, according to the BOK.

The number of smartphone-based banking service users rose 4.9 percent from three months earlier to 81.11 million as of end-June.

South Korea has a population of 51 million, but some people have multiple smartphones banking services from several banks.

The BOK said 41.1 percent of South Korea's Internet banking services is used for depositing, withdrawing or remitting money. (Yonhap)