S. Korea’s credit card usage No.1 among major nations

S. Korea’s credit card usage No.1 among major nations

2014.05.11 14:51:58

South Korea topped the list in terms of the frequency of credit card use among major nations around the world. Korea ranked third in per-capita credit card spending.


This came from the Korea Financial Telecommunications & Clearings Institute’s data Sunday. It was obtained from the Bank of International Settlement’s Committee on Payment and Settlement Systems (CPSS) covering 18 nations’ settlement data from 2003 to 2013.
The number of card use by Koreans hiked 20.2 percent annually from 1.8 billion in 2003 to 9.8 billion in 2012.
Of the total, the number for credit card use went up 16.3 percent from 1.8 billion to 7.3 billion while that for debit card use was up 141.1 percent from 900,000 to 2.4 billion.
Korea’s per capita credit card use recorded 147.0 in 2012, the highest among others. Then came Canada with 89.8 and the US 83.5.
Korea’s per capita credit card spending recorded the third highest of $8,625 following Australia $11,000 and Canada $10,000. The average amount for 18 nations came in at $4,056.
The report diagnosed, “if the government continues to encourage people to use debit cards, which can result in more rational consumption, the debit card zpending will on the rise.”
Korea’s average credit card spending per purchase was $58.7 in 2012, which compares with the 18 nations’ average of $98.5.
By nation, Swiss topped the list with $152.2, followed by Australia with $146.8, the Netherlands $128.9 and Belgium $120.7.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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