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S. Korea's mobile payments jump in 2018

All Headlines 12:00 April 17, 2019

SEOUL, April 17 (Yonhap) -- The number of payments made with mobile devices in South Korea jumped last year as more people are using smartphones to carry out their financial transactions, data showed Wednesday.

The value of mobile payments came to 80.1 trillion won (US$70.4 billion) in 2018, compared with 50 trillion won in 2017, according to the data released by the Financial Supervisory Service.

Mobile payments include all mobile purchases made with electronic credit and debit cards, as well as mobile payment platforms, such as Kakao Pay and Samsung Pay.

The number of financial transactions through mobile payment platforms stood at 2.38 billion last year, compared with 1.4 billion in 2017, according to the data.

At the end of last year, mobile payment platforms had about 170 million users, meaning that some people have subscribed to multiple mobile payment platforms, the data showed.

S. Korea's mobile payments jump in 2018 - 1

kdh@yna.co.kr
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