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The value of daily retail payments grew 15.2 percent on-year in 2020 as online financial transactions increased amid the COVID-19 pandemic, central bank data showed Wednesday.
The value of daily retail payments, which are typically made between individuals and non-financial firms on a small sum of money, stood at 80.2 trillion won ($72 billion) last year, compared with 69.6 trillion won in 2019, according to the data by the Bank of Korea (BOK).
With COVID-19 spreading, more consumers are using contact-free payment systems, the BOK said in a statement.
Separately, the BOK has said the amount of payments made electronically hit a record high last year.
The daily average amount of electronic financial transactions came to 705.5 billion won in 2020, up 32.7 percent from a year earlier.
The reading marked the highest amount since 2007, when the central bank started collecting data on electronic payments. (Yonhap)
The value of daily retail payments, which are typically made between individuals and non-financial firms on a small sum of money, stood at 80.2 trillion won ($72 billion) last year, compared with 69.6 trillion won in 2019, according to the data by the Bank of Korea (BOK).
With COVID-19 spreading, more consumers are using contact-free payment systems, the BOK said in a statement.
Separately, the BOK has said the amount of payments made electronically hit a record high last year.
The daily average amount of electronic financial transactions came to 705.5 billion won in 2020, up 32.7 percent from a year earlier.
The reading marked the highest amount since 2007, when the central bank started collecting data on electronic payments. (Yonhap)
