S. Korea's plastic card spending growth slows in 2023

SEOUL, March 25 (Xinhua) -- South Korea's plastic card spending growth slowed last year due to sluggish domestic demand, central bank data showed Monday.

The daily average spending though credit, check, debit and prepaid cards gained 6.2 percent from a year earlier to 3.3 trillion won (2.5 billion U.S. dollars) in 2023, after expanding 12.7 percent in the previous year, according to the Bank of Korea (BOK).

The slower expansion was attributed to the slump in private consumption, which increased 5.3 percent in 2023 after advancing 8.7 percent in 2022.

Credit card spending climbed 6.9 percent last year after jumping 13.5 percent in the prior year.

Expenditure through check cards grew 4.5 percent, but prepaid card spending tumbled 33.3 percent last year.

The face-to-face settlement with plastic cards rose 6.6 percent, while contact-free settlement through mobile devices added 5.6 percent.