The daily average value of such services rose to 1.55 trillion won (US$1.12 billion), up from 1.27 trillion won a year earlier, the central bank said. Daily transaction volume also increased 14.5 percent to 39.22 million.
These services allow users to pay for goods and transportation or transfer money using prepaid funds or linked bank accounts.
Most transactions were made through financial service providers, with their daily payment value rising 21.4 percent to 1.50 trillion won.
Simple-payment value increased 23.1 percent to 237.2 billion won per day, while simple remittances rose 19.9 percent to 1.16 trillion won. Transportation-card payments increased 15.9 percent to 15.2 billion won.
Across electronic financial firms, smartphone manufacturers and financial institutions, the daily value of simple-payment services rose 16.8 percent from a year earlier to 1.23 trillion won, while transaction volume increased 12.8 percent to 38.22 million.
Electronic financial firms accounted for 55.4 percent of simple-payment value, up from 55.1 percent a year earlier. Smartphone manufacturers held a 23.3 percent share and financial institutions 21.2 percent.
Among payment methods offered by electronic financial firms, credit cards remained dominant with a 58.1 percent share, followed by prepaid funds at 34.9 percent and account-based payments at 7.1 percent.
Simple remittance services showed a divergence between value and volume. Their daily value rose 19.8 percent to 1.17 trillion won, while the number of transfers fell 1.5 percent to 7.43 million per day.
Payment gateway services also expanded, with their daily transaction value rising 12.6 percent to 1.72 trillion won and transaction volume increasing 12.1 percent to 36.75 million.
Credit-card payments, which accounted for 74.2 percent of payment gateway transaction value, increased 12.8 percent. Account-transfer payments rose 16.7 percent, while other payment methods climbed 27.7 percent.
The daily value of escrow services increased 6.2 percent to 207.1 billion won, while electronic billing and payment services rose 8.9 percent to 97.6 billion won.
The BOK survey covered 250 electronic payment service providers as of the end of June, including 226 registered electronic financial businesses and 24 financial institutions.
AJP TAKEAWAYS
- Daily prepaid electronic payment use rose 21.9 percent to 1.55 trillion won in the first half, supported by continued growth in simple payments and remittances.
- Simple-payment value increased 16.8 percent to 1.23 trillion won per day, with electronic financial firms accounting for 55.4 percent of the market.
- Remittance value climbed 19.8 percent even as transaction volume fell 1.5 percent, while payment gateway transactions increased 12.6 percent in value.
Copyright ⓒ Aju Press All rights reserved.