The Korea Herald

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[Graphic News] Credit cards used for half of transactions: BOK

By Korea Herald

Published : Dec. 25, 2016 - 18:05

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The Bank of Korea said the most used payment method in 2016 has been the credit card, used for 54.8 percent of payments, followed by debit cards, account transfers and cash.

A survey of 2,500 adults by the Bank of Korea showed that credit cards were the most used payment method of 2015, accounting for 50.6 percent of financial transactions, compared to 34.2 percent a year earlier.

South Koreans used credit cards for transactions most often at gas stations, discount stores and department stores.

In comparison, cash made up 26 percent of transactions in 2015, down from 37.7 percent in 2014, the data showed.