South Korean To Spend More Than W700 Trillion in Credit Card Spending in 2015
luvsmiling, Jan. 5, 2015, 11:09 a.m.
Credit card spending is expected to top W700 trillion this year (US$1=W1,104). According to data by KB Financial Group, that is an increase of roughly W10 trillion from last year, when the figure was an estimated W690 trillion.
The group said despite increased use, local credit card firms may not see their profitability improve this year, largely due to a drop in average spending by individual cardholders. Most Koreans use multiple cards, which has helped boost private spending in the past few years.