Daily use of mobile banking in Korea up 7.1% in 3rd quarter
The daily use of mobile banking in Korea rose 7.1 percent in the third quarter from three months earlier, aided by the growing popularity of smartphones, the central bank said Tuesday.
Transactions based on mobile banking or banking services accessed via wireless handsets were valued at 973.4 billion won (US$893 million) per day in the July-September period, compared with 908.9 billion won from the second quarter, according to the Bank of Korea (BOK).
The value of mobile banking via smartphones gained 12.8 percent on-quarter to 891.3 billion won, according to the bank.
Mobile banking via smartphones, a service that was introduced in December 2009, showed sustained growth on the back of the devices' popularity.
Mobile banking accounted for 29.1 percent out of total Internet banking use, which stood at an average of 45.7 million per day.
Meanwhile, the value of online banking transactions reached 33.2 trillion won per day in the third quarter, up 0.2 percent from three months earlier, the bank added.
The data is based on users checking financial records, transferring funds or taking out loans via the Internet.
The number of Internet banking subscribers registered with the 19 local financial firms rose 2.5 percent on-quarter to 84.1 million as of end-September. The data is an aggregated tally, including the use of multiple banks for online banking services.
The majority of online banking transactions were conducted via computers, but the weight of mobile banking has been on the rise.
Nearly nine out of 10 households in Korea have access to cheap broadband Internet. The number of smartphone users reaches roughly 30 million, making up around 60 percent out of the total population. (Yonhap)