Over 17 million Koreans use online financial services daily: central bank

Two in three Korean respondents use mobile financial services.

More South Koreans used online financial services in 2021 compared to pre-pandemic years, with the daily use of online banking services reaching 17.32 million cases in 2021, according to data released by the Bank of Korea.

This is over 2.6 million more than that reported in 2020, with 14.68 million online banking service use was reported daily.

A central bank survey of 3,536 Koreans showed that 65.4% of the respondents had used mobile financial services in the latest one-month period. This is 57.1% higher than in 2019, before the COVID-19 outbreak, the BOK said.

Approximately 42% of those surveyed also said that there had been a change in the frequency that they use mobile financial services.

South Koreans in their 20s made greater use of debit cards, whilst people in their 30s-50s relied more on credit cards. 

Koreans aged 60 and older preferred cash.

According to separate BOK data released in March, the daily use of online banking services, including mobile banking, reached 17.32 million cases in 2021, up from 14.68 million a year earlier.