Electronic Payments in South Korea Soar to Record Highs in 2024

South Korea saw a significant increase in electronic payments in 2024, with daily transactions reaching 959.4 billion won. This marks the highest level since data collection started in 2007, reflecting a rise in contact-free commerce.

In a landmark shift within South Korea's financial ecosystem, electronic payments skyrocketed to unprecedented levels in 2024, according to fresh data from the Bank of Korea.

Last year, the daily average of electronic financial transactions stood at 959.4 billion won, a notable 9.6% increase from the previous year. This surge in digital commerce highlights a broader move towards contact-free transactions amid evolving consumer preferences.

Initiated in 2007, the central bank's data collection efforts have never before recorded such high engagement, with the number of daily transactions rising 12.3% year-over-year to reach 30.7 million.

(With inputs from agencies.)