Korea’s online credit card spending near record $10 billion in Sept

2020.11.12 14:00:21

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South Koreans spent a record 10.3 trillion won ($9.26 billion) on credit cards for online purchases in September as the rapid penetration of mobile payment solutions and the Covid-19 pandemic have fueled a surge in contactless payment.

Online credit card spending in September surged 35.1 percent from the same month a year ago to 10.3 trillion won, rising by the fastest pace since February 2017, the Bank of Korea (BOK) said Thursday.

It was also the first time that the monthly figure topped 10 trillion won since the central bank started compiling the data in December 2009.

Payment at offline retailers including department stores and supermarkets edged down to 7.13 trillion won from 7.19 trillion won in the year-ago period.

Duty-free shops suffered the biggest blow, down 84.4 percent on year at 31.3 billion won, as air travel ground to a halt due to the Covid-19 outbreak.

The BOK expected the e-commerce trend to continue amid the rise of mobile payment services as more people are turning to mobile apps for not only online shopping but also for ordering food and drinks.

By Kim Hyo-jin

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