60M people sign up for banking by smartphone

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60M people sign up for banking by smartphone

More than 60 million people registered for smartphone banking for the first time in Q3, illustrating a rapid increase in the service.

According to Bank of Korea on Monday, in the third quarter more than 115.3 million people used internet banking including those making transactions using smartphones. This is a 1.8 percent increase from the previous quarter. Customers registered for mobile banking via their smartphone amounted to 60.08 million, a 4.4 percent increase from the April-June period’s 57.52 million.

But while the number of people who registered for smartphone banking increased, less than half actually used the system. Those who actually conducted banking business through their smartphones only amounted to 35.05 million ($34.78 billion), 58.4 percent of the people who registered for the service.

The overall amount of money accessed via internet banking amounted to 40.72 trillion won, a 0.6 percent increase from the previous three months. The amount processed through smartphone banking grew to 2.5 trillion won, a 4.5 percent increase compared to the previous quarter.

“Mobile banking continues to show strong growth even surpassing internet banking made via personal computers in the fourth quarter 2014,” said a BOK official. “Unlike PC based internet banking, whose growth has been halted since 2011, mobile banking continues to enjoy growth.”

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]
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