Home » Last year, simple payment and simple remittance surged by 20.8% and 24.1%, respectively.

Last year, simple payment and simple remittance surged by 20.8% and 24.1%, respectively.

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Last year, simple payment and simple remittance surged by 20.8% and 24.1%, respectively.

▲ On the 21st of this month, a large mart in Seoul is paying with Apple Pay. (Etoday DB)

Last year, the use of simple payment and simple remittance services (daily average, amount basis) increased by 20.8% and 24.1%, respectively.

Simple payment/easy remittance refers to payment and remittance services using simple authentication methods such as passwords and biometric information since March 2015 when the mandatory use of public certificates was abolished.

According to the Bank of Korea’s 2022 electronic payment service usage status on the 24th, the use of simple payment services was 23.42 million cases and KRW 732.6 billion, up 18.2% and 20.8% from the previous year, respectively.

By provider, electronic financial companies (47.9%) and financial companies (26.8%) account for a high share, but they are showing a decreasing trend, and mobile phone manufacturers are on the rise to 25.3% compared to the previous year (22.7%).

The share of using prepaid money linked to cards and accounts is steadily increasing, with 27.7% in 2020, 29.4% in 2021, and 33.8% in 2022.

The use of prepaid simple remittance service was 5.2 million cases and KRW 625.9 billion, up 19.9% ​​and 24.1% year-on-year, respectively. However, the amount of money used by financial institutions (15 billion won) decreased significantly compared to the previous year (32.16 billion won) due to the termination of simple remittance services by some companies.

As of the end of 2022, there are 54 and 25 companies targeted for simple payment and simple remittance services, respectively.

In addition, the use of electronic payment gateway (PG) services last year was 23.66 million cases and KRW 1.529 trillion, up 8.9% and 16.4% from the previous year, respectively.

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Due to the increase in online transactions, etc., the increase was centered on credit card payment agencies, which account for the majority of PG services.

The number of prepaid electronic payment service usage was 27.08 million cases and KRW 828.9 billion, up 13.6% and 24.5%, respectively, from the previous year. This is mainly attributable to the steady increase in the use of simple payment and simple remittance by electronic financial companies.

The number of uses of the payment deposit service was 3.12 million cases, KRW 155.7 billion, a decrease of 2.0% from the previous year, and an increase of 2.7% in the amount of use. %, increased by 14.3%.

Electronic payment service is a payment-related service provided by electronic financial companies and financial companies in the process of e-commerce or person-to-person transaction, etc. It is classified into electronic payment settlement agency, prepaid electronic payment means, payment deposit, and electronic bill payment. As of the end of 2022, there are a total of 191 electronic payment service providers.

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