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Electronic payments hit record high in H1 amid pandemic

The amount of payments made electronically hit a record high in the first half of this year, central bank data showed Monday, as the COVID-19 pandemic prompted more people to engage in contact-free commerce.

The daily average amount of electronic financial transactions came to 863.5 billion won ($738 million) in the January-June period, up 12.8 percent from six months earlier, according to the data from the Bank of Korea (BOK).

The reading marked the highest amount since the central bank started collecting data on electronic payments in 2007.

The data also showed the daily average number of electronic financial transactions rose 13 percent to more than 20.91 million.

Electronic financial transactions include all internet and mobile-based payments, as well as purchases made with electronic credit and debit cards.

As of the end of June, there were 149 electronic financial service providers in South Korea, according to the BOK.

They include escrow and payment gateway service providers, as well as online financial institutions that are strictly dedicated to online or mobile payment services. (Yonhap)