Mobile banking use in Korea rises 1.8% in Q3

This due to strong popularity of smartphones.

The Bank of Korea, the central bank, said daily use of mobile banking increased 1.8% to US$1.32 billion per day in the July to September period compared to US$1.23 billion three months earlier. The on-quarter growth of mobile banking was far lower than the 10.2% gain in Q2, however.

The value of mobile banking via smartphones rose 1.5% on-quarter to US$1.28 billion in the third quarter. Mobile banking via smartphones, a service that was introduced in December 2009, accounted for 41% of all daily Internet banking in Q3.

The value of online banking transactions reached an average of US$31.3 billion per day last quarter, up 0.4% from three months earlier, said the BOK.