On-the-go banking use jumps 47% during 2012

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On-the-go banking use jumps 47% during 2012

The daily use of mobile banking in Korea rose 47.3 percent on-year in 2012, aided by the growing popularity of smartphones, the central bank said yesterday.

Transactions based on mobile banking or banking services accessed via wireless handsets were valued at 961.5 billion won ($889.1 million) per day in 2012, up 47.3 percent from a year earlier, according to the Bank of Korea.

The on-year growth of mobile banking slowed from a 57 percent gain in 2011, but the use of mobile banking has been on the rise on the back of smart devices.

The value of mobile banking via smartphones jumped 131.1 percent on-year to 861.1 billion won, it added.

Mobile banking via smartphones, a service that was introduced in December 2009, showed sustained growth on the back of the devices’ popularity.

In the fourth quarter of 2012, the value of mobile banking reached 1.13 trillion won, out of which banking services via smartphones amounted to 1.07 trillion won.

Mobile banking accounted for 28.3 percent of total daily Internet banking use in 2012, the BOK added.

Meanwhile, the value of online banking transactions reached 33.2 trillion won per day last year, up 4.1 percent from the previous year, the bank added.

The data is based on users checking financial records, transferring funds or taking out loans via the Internet.

The number of Internet banking subscribers registered with 19 financial firms gained 15.5 percent on-year to 86.4 million as of end-December.

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