Mobile banking rises with small transactions

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Mobile banking rises with small transactions

While the number of smartphone-based mobile banking users keeps rising, many are using it for small transactions or viewing accounts, the Bank of Korea said on Tuesday.

Smartphone banking users reached a total of 68 million as of March, up 5 percent from the end of December, while total transactions made on smartphones stood at 2.86 trillion won, up 7.3 percent. The number of smartphone banking transactions marked 50.98 million, up 12.4 percent.

The increase in smartphone banking users led to a noticeable growth in the aggregate number of Internet banking users, which stood at 119.77 million, the data showed.

The number of daily transactions through all online banking services posted 85.99 million on average for the first three months of this year, a 7 percent increase from the previous quarter. But the average amount of daily transactions declined 2.6 percent to 41.2 trillion won.

“While transactions via PC-based online banking services have been showing slow growth since 2011, smartphone banking is gaining constant increases in transactions,” the BOK report said. “Since the fourth quarter of 2014, the growth in smartphone banking transactions outstripped that of PC-based.”

Of the total online banking services, mobile services including smartphones and other devices, accounted for 59.5 percent of transactions.

While PC-based services were preferred for larger transactions, mobile banking services were mostly used for viewing account information and transactions of small sums. “Internet-based banking services are handling about 7 percent larger transactions than smartphone-based ones,” it said.

Internet banking services had a total of 2,153 loan applications as of March, down 0.6 percent from the previous quarter, but the amount of loans issued surged 44.7 percent to 36.9 billion won.


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