S. Korea’s credit card usage No.1 among major nations
May 19, 2014 Leave a comment
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.
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