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Mobile banking use up in South Korea

Mobile banking usage in South Korea has gone up by 13% during the last three months, according to Bank of Korea data. More people opted are now using their smartphones for banking transactions, the central bank said. The volume of daily transactions processed via smartphones averaged 40.4 million in the January-March period, compared with 35.7 million in the fourth quarter of last year. By amount, daily mobile banking transactions averaged 2.3 trillion won ($2.1 billion), growing 8.2% from three months earlier. The data revealed that that people are somewhat reluctant to use smartphones for high value transactions. While mobile banking accounted for 52.4% of all internet banking transaction volume, the amount processed accounted for only 6% of the total. As much as 92.1% of mobile banking usage was for viewing bank account history rather than for transactions.

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