According to the data compiled by the Credit Finance Association of Korea, the amount of credit and debit card expenditures by South Koreans reached 49.27 trillion won in November, up 5.3 percent from the same month of 2013.
Spending by debit cards accounted for around 20 percent of the total card expenditures for the fourth consecutive month in November. In November, debit card spending constituted 19.9 percent or 9.82 trillion won of the total expenditures.
The country has seen a steady rise in spending by debit cards as they give more tax deductible benefits to users. The government encourages more people to use debit cards, also called "check cards," as part of efforts to reduce household debts.
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