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Daily card spending up 8.4 pct in H1 amid pandemic

Finance 13:47 September 08, 2021

SEOUL, Sept. 8 (Yonhap) -- Daily card spending in South Korea rose 8.4 percent in the first half from a year earlier, supported by increased online purchases amid the pandemic, central bank data showed Wednesday.

Holders of credit and debit cards spent an average 2.7 trillion won (US$2.3 billion) per day in the January-June period, compared with 2.5 trillion won the previous year, according to the data by the Bank of Korea (BOK).

Credit card spending rose 10.2 percent on-year to a daily average of 2.1 trillion won, led by uses on e-commerce platforms.

Credit card uses at online shopping sites and delivery apps grew 23 percent on-year amid a non-contact trend, the data showed.

But credit card spending at restaurants declined 8.9 percent on-year as people refrained from dining out amid the protracted pandemic.

The South Korean economy has been on a recovery track on the back of robust exports and improving private spending.

Asia's fourth-largest economy grew a revised 0.8 percent in the second quarter from three months earlier, slowing from a 1.7 percent on-quarter increase in the first quarter.

Daily card spending up 8.4 pct in H1 amid pandemic - 1


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