Koreans' card usage up 22.3 pct in 2008

SEOUL, Feb. 26 (Yonhap) -- South Koreans' use of plastic money including credit
and check cards rose 22.3 percent in 2008 from a year earlier as more people
depended on them for conveniences despite the slowing economy, the central bank
said Thursday.
According to the Bank of Korea, the use of cards by local people reached an
average 13.4 million per day last year, compared with 11 million the previous
year. Card spending gained 14.1 percent on-year to 1.3 trillion won (US$874.1
million), it added.
The usage of credit cards came in at an average 11.3 million per day last year,
up 19.1 percent from a year ago and spending on such cards gained 12.7 percent to
1.2 trillion won, the central bank said.
The data comes as the South Korean economy shrank 5.6 percent last quarter from
three months earlier, the sharpest fall in 11 years, due to tumbling exports and
weakening domestic demand.
sooyeon@yna.co.kr
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