Korea: smartphone-based online banking grows, over 40 million users in Q1 2014

Monday 19 May 2014 11:44 CET | News

The number of Koreans using smartphone banking services has surpassed 40 million in 2014, according to a recent report.

The ‘Domestic Banking Services in the First Quarter of 2014’ report, released by the Bank of Korea, indicates that the number of customers who are registered with an online banking service accounted to more than 97 million, a 2.4% increase from the end of Q4 of 2013.

There is also an increase considering the number of daily use and amount of money transferred through online banking service, mainly due to the increasing share of customers using smartphone-based mobile banking services, registering a 8.5% growth from 2013’ Q4.

The research also reveals that 41.3% of the total number of customers registered with online banking service represented the number of smartphone banking users, recording a number of 27,370,000 transactions made via smartphone banking, a 12.8% increase from 2013.

Total transaction amount has increased 5.7% compared to 2013’s Q4, but still only reaching 4.5% in the total online banking transaction volume.

The same survey points out that as online banking has consistently increased, people are paying fewer visits to the traditional banks.

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Keywords: Korea, smartphone, online banking, Q1 2014
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech