The value of electronic payments in the Republic of Korea reached a record high in 2024, reflecting the continued rise of contactless transactions amid widespread adoption of digital financial services, according to data released by the country’s central bank. Figures published by the Bank of Korea on Thursday revealed that the daily average value of electronic financial transactions stood at 959.4 billion won (US$657.4 million) last year. This marks a 9.6 percent increase compared to 2023 and represents the highest level recorded since the bank began compiling related data in 2007.
The upward trend is attributed to a growing reliance on digital platforms for commerce, banking, and consumer payments. Contact-free methods gained further traction throughout the year, aligning with broader shifts in consumer behavior and technological infrastructure. The report also showed a notable increase in the volume of transactions. The daily average number of electronic financial transactions reached 30.7 million in 2024, rising by 12.3 percent year-on-year. This growth signals not only a higher transaction value but also a broader base of users actively engaging with digital payment systems.
Electronic financial transactions, as defined by the Bank of Korea, encompass internet and mobile-based payments in addition to card transactions processed through electronic systems. These include both credit and debit card usage across various platforms. The figures underscore Korea’s position as one of the leading markets for digital finance in Asia. Government policies supporting fintech innovation, combined with a tech-savvy population and high smartphone penetration, have been pivotal in accelerating the adoption of cashless payment solutions.
While the central bank did not provide a detailed breakdown of transaction types, analysts expect mobile-based payments and app-integrated services to have played a significant role in driving the increase. Industry observers note that further growth is anticipated in 2025 as digital ecosystems expand and consumers continue to prioritize convenience. The Bank of Korea’s latest report reaffirms the structural shift underway in the nation’s financial habits, with electronic payments becoming an increasingly dominant mode of transaction across both retail and service sectors. – By MENA Newswire News Desk.