Korea’s Internet banking transactions up 9.5 % in Q3

Internet-based banking use in Korea rose 9.5 percent in the third quarter from three months earlier as people increasingly went online to make financial transactions, the central bank said Thursday (Nov. 1). According to the Bank of Korea, Internet banking transactions reached an average 18.5 million per day in the July-September period, compared with 16.9 million in the second quarter. The data is based on online banking transactions to check financial records, transfer funds or take out loans.

The number of Internet banking subscribers registered with 17 local banks, the state-run Korea Post and HSBC stood at 42.5 million as of the end of September, up 5.8 percent from three months earlier. While the majority of the transactions were conducted via computers, mobile banking, or banking services via wireless handsets, accounted for 3.9 percent of the total, the bank said.

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