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Foreign residents’ debit card spending in Korea jumps 75% over past 5 years
International students write in Korean at Dongseo University in Busan, April 22. Yonhap
By Jun Ji-hye
The number of foreign residents in Korea using debit cards has grown significantly, with their total spending on these cards soaring by 75 percent over the past five years, according to KB Kookmin Card Tuesday.
In its latest analysis, the card issuer also reported that the number of its foreign debit card users rose by 46 percent in 2024 compared to 2019.
This sharp increase is attributed to the growing population of foreign workers and international students living in Korea. Notably, the share of debit card holders in their 20s has risen markedly over the past three years.
In 2024, foreign residents made an average of 22.8 debit card transactions per month and spent an average of 516,000 won ($359), marking increases of 20 percent and 19 percent, respectively, compared to five years earlier.
Among all foreign debit card holders, those in their 30s accounted for the largest share at 27 percent. However, over the past three years, there has been a noticeable increase in the proportion of people in their 20s, who made up 39 percent of new card issuances.
In terms of nationality, Chinese nationals represented the majority of users at 53 percent, followed by Vietnamese nationals at 7 percent and Americans at 6 percent.
"Through the latest analysis, we gained valuable insights into the evolving financial habits of foreign residents," a KB Kookmin Card official said. "In the future, we will continue to leverage data analysis to understand the consumption trends of diverse customer segments and better meet their needs."
According to Statistics Korea, the number of foreign workers in the country grew from roughly 860,000 in 2019 to 1.01 million in 2024.
Data from the Financial Supervisory Service also shows that the total number of foreign residents in Korea reached 2.65 million last year.