The Korea Times

Electronic payments hit record high

- (Yonhap)

The amount of payments made electronic­ally hit a fresh record high last year amid a growing trend of Koreans using the internet and mobile devices to carry out their financial transactio­ns, central bank data showed Tuesday.

The daily average for electronic financial transactio­ns came to 468.8 billion won ($442.8 million) in 2017, up 36.5 percent from a year earlier, according to the Bank of Korea (BOK).

Electronic financial transactio­ns include all internet and mobile-based payments, as well as purchases made with electronic credit and debit cards.

Total payments have been setting new records every year since 2007 when the central bank started collecting data on electronic payments.

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