Money owed by households continued to grow through the end of last year as people borrowed to buy houses and invest in stocks.
Toss Bank may get into the credit card business, according to unconfirmed press reports.
Kakao Bank on Thursday announced a temporary halt in the opening of overdraft accounts as major banks limit individual credit lines due to concern about rapidly increasing household debt.
Payments made with cards in Korea grew more than 5 percent in October amid the new coronavirus outbreak, industry data showed Wednesday.
Foreigners living in Korea may soon be eligible to receive tax credits on housing rent and loans under new legislation that passed the National Assembly's Strategy and Finance Committee on Monday.
Household debt reached a record 1,682.1 trillion won ($1.51 trillion) in the third quarter despite the government's attempts to cool off the real estate market and borrowing to buy property.
Credit card payments by visitors to Jeju Island reached an all-time high in 2019, with domestic travelers and individual Chinese tourists driving the rebound.
Major credit card companies are rolling out new products outside traditional payment services in an attempt to compete with big tech firms entering the financial services sector.
Regulators and retail companies are arguing that point now as they prepare for MyData, a government-led project that gives banking institutions access to customer information.
Household debt hit a new record of 1,637.3 trillion won ($1.39 billion) during the second quarter owing to a rise in mortgage loans and loans for stock exchange investments, the Bank of Korea (BOK) announced Wednesday.