Credit cards No. 1 payment tool among consumers in 2024: BOK poll

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Credit cards were the most favored means of payment for Koreans last year, accounting for over 45 percent of total private settlements, a central bank poll showed Tuesday.

According to the survey of 3,500 citizens aged 19 and older, conducted by the Bank of Korea (BOK), payments made via credit cards accounted for 46.2 percent of total transactions in 2025.

Debit cards came next with 16.4 percent, followed by cash at 15.9 percent and mobile cards at 12.9 percent.

Among people in their 20s, credit card payments accounted for 38 percent, or the largest share, followed by mobile card usage at 36.8 percent.

For those in their 30s, credit cards and mobile cards accounted for 49.5 percent and 34.8 percent of their total payments, respectively.

Among those aged 60 and older, credit cards took up 52.1 percent of their total payments, followed by cash at 30.2 percent, the survey showed.

"The proportion of cash among total transactions has been on a constant decline," a BOK official said. "In face-to-face transactions, however, cash remains one of the major payment tools. The BOK will continue efforts to have people use various payment tools in a safe and convenient manner." (Yonhap)