Koreans in the top rankings for owning credit cards.
Where in Europe, the inhabitants have on average 1.6 credit cards per inhabitant (1.7 in France), the Koreans have in their possession 3.9 different credit cards.
Whether for major purchases or for everyday life, Koreans are paying less and less in cash and more and more with their cards. Whether they are physical or loaded on their phone, Koreans are more and more followers of this payment method.
Credit card ownership reached its peak in 2011 at 4.8 per capita, it fell until 2019 in 3.9 but is currently on the rise again.
The Credit Finance Association said “In addition to political support from the government, more and more people are using credit cards as their primary means of payment and have started paying their taxes and other micropayments with credit cards.”
Note that in Korea the different banks have partnerships with different store chains. When you use your credit card in these stores, you get gifts, loyalty points, see at the end of the month your account is credited with a few coins.
Will credit cards one day lead to the disappearance of money?
Journalist: Shawn
Translator: Shawn
Source: Yonhap, CFA, Le mag
