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Mobile payments up 53 pct in Q2: BOK

All News 12:00 October 11, 2016

SEOUL, Oct. 11 (Yonhap) -- The amount of mobile payments rose 53.3 percent in the second quarter from a quarter earlier, central bank data showed Tuesday, as a growing number of South Koreans are using smartphones for transactions.

The daily average of mobile payments came to 20.7 billion won (US$18 million) in the April-June period, up 7.2 billion won from the previous quarter, according to the data from the Bank of Korea (BOK).

Mobile payments allow users to preregister their credit or debit cards and make transactions simply by logging in with their passwords or touching their smartphones to payment terminals.

The BOK said 28.17 million cards were preregistered on users' smartphones in the second quarter. It also said the daily average number of mobile payments increased 82.9 percent on-quarter to 810,000.

As of end-June, 11 mobile payment services are available in South Korea, including KakaoPay, Naver Pay and Samsung Pay.

KakaoPay is run by Daum Kakao Corp., the operator of South Korea's most popular messaging app KakaoTalk. Naver Pay is offered by the country's top Internet portal operator Naver Corp., while Samsung Pay is Samsung Electronics Co.'s mobile-payment service.

Mobile payments up 53 pct in Q2: BOK - 1
Mobile payments up 53 pct in Q2: BOK - 2


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