S. Korea's plastic card spending logs double-digit growth in 2022
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E-mail Xinhua, March 29, 2023
SEOUL, March 29 (Xinhua) -- Plastic card spending in South Korea logged a double-digit growth last year owing to the eased measures against the COVID-19 pandemic, central bank data showed on Wednesday.
The daily average payment through credit, debit, and prepaid cards came to 3.11 trillion won (2.4 billion U.S. dollars) in 2022, up 12.7 percent from the previous year, according to the Bank of Korea (BOK).
It was faster than an increase of 9.4 percent in 2021 as the government moderated the anti-virus measures, which boosted outdoor activities and private gatherings.
Credit card spending jumped 13.5 percent, and debit card spending expanded 9.6 percent last year.
Out of the credit card spending, consumption on travel surged 67.1 percent with expenditure at restaurants growing 25.2 percent.
Credit card spending on culture, leisure and fuel gained in double figures, but consumption on furniture and home appliances declined 7.7 percent. Enditem
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