Account transfers in South Korea rose nearly 27% in the first half of this year from a year earlier, as internet and firm banking use expanded and card payments made without a physical card grew at a double-digit pace.
Account transfers through the retail payment system averaged 127.9 trillion won ($92 billion) a day in the first half, up 26.8% from the same period last year, according to domestic payment and settlement data released by the Bank of Korea on the 29th. The figure rose by nearly 27 trillion won in a year from 100.9 trillion won in the first half of 2025.
Transfers through the electronic banking network, which account for most account transfers, averaged 118.4 trillion won a day, up 28.8%. Internet banking and firm banking, a financial transaction system for corporate clients, grew 22.9% and 30.4% respectively, driving the increase. Transfers through the interbank remittance network and the open banking network rose 6.8% and 11.3% respectively.
Internet banking use also grew steadily. Domestic banks handled an average of 29.23 million internet banking transactions a day, up 6.8% from a year earlier, while the value rose 23.9% to 106.4 trillion won. Mobile banking transactions totaled 26.5 million, up 8.0%, and their value rose 12.1% to 20.1 trillion won. Mobile banking accounted for 90.7% of all internet banking transactions.
Card payments showed a similar shift toward transactions made without in-person contact. Payment card use averaged 3.8 trillion won a day in the first half, up 7.6% from a year earlier. The growth rate climbed from 3.7% in the first half of last year to 5.6% in the second half, then to 7.6% in the first half of this year.
Payments made without presenting a physical card averaged 1.8 trillion won a day, up 10.6%, while payments made by presenting a physical card grew just 2.5%. Payments made through mobile devices and other means without a physical card are growing faster than those made with one.
Among payments made without a physical card, simple payment services accounted for 52.6%. Fintech firms provided 72.0% of those services. Split between in-person and remote use, card payments made in person rose 5.6% and those made remotely rose 8.6%.
Loan applications submitted online, meanwhile, declined. Loan application services averaged 30,000 uses a day in the first half, down 10.5% from a year earlier, and their value fell 26.0% to 600 billion won.
Use of bills and checks averaged 19.3 trillion won a day, up 14.9% from a year earlier. Current account checks and promissory notes rose 17.5% and 16.1% respectively, and electronic bills rose 27.4%. Cashier's checks and other bills and checks fell 10.1% and 11.8% respectively.
