Mobile Money
Due to the popularization of mobile baking, the amount of financial transactions through a mobile device reached a record high in the second quarter of this year.
The size of mobile banking grew 7.9 percent year-on-year to reach 2.4364 trillion won (US$2.0600 billion) in Q2 2015, according to a report about the use of Internet banking services in the nation during Q2 of this year published by the Bank of Korea (BOK) on Aug. 17.
"The figure for Q2 is the highest ever since we started to compile related data," explained Kim Jung-hyuk, an official at the BOK.
In addition, the number of the average mobile baking uses per day was 41.21 million during the period, up 2.1 percent from the previous quarter. It means that more than 72 percent of local cell phone subscribers used mobile baking instead of going to the bank in person. The service to check personal account information made up 91.8 percent of total mobile banking uses, and the amount of money transfers was 8.2 percent.