Credit Card Usage High in South Korea

James Ryu, March 1, 2017, 9:29 a.m.

SEOUL, March 1 (Yonhap) -- Daily credit card spending in South Korea hit a record high in 2016, data showed Wednesday, in the latest sign that credit cards are one of the most convenient payment tools.

Credit card holders in South Korea spent an average of 1.68 trillion won (US$1.4 billion) a day in 2016, up 10.9 percent from 1.51 trillion won a year earlier, according to the data compiled by the Bank of Korea.

The 2016 figure is the highest since 2003 when the central bank started collecting data.

Meanwhile, debit card spending on a daily basis jumped 15.2 percent on-year to reach 424 billion won, the BOK said.

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