Payments through Internet, Credit Cards Sharply Increase in 2000

Article excerpt

According to a report on payment settlements for 2000 released by the Bank of Korea yesterday, payments through the Internet and credit cards sharply increased in 2000, while those by checks and commercial bills decreased, affected by corporate and financial restructuring and reform of the bill usage system.

The report shows that payment settlements involving current account checks averaged 13,000 cases worth 4,899 billion won a day last year, down 7.1 percent and 41.1 percent respectively from the previous year.

The payments in promissory notes averaged 32,000 cases worth 10,877 billion won a day last year, down 34.8 percent in value from the number of cases the previous year..

On the other hand, the usage of banks' joint clearing network averaged 3.66 million cases aggregating 7,197 billion won a day, up 33 percent and 24.9 percent respectively from 1999.

This is because people frequently used other banks' accounts, cash dispensers (CDs) and automatic teller machines (ATMs) thanks to the expansion of electronic financial services such as Internet banking and telebanking via PCs and phones, the central bank said.

The central bank said that the use of the 100,000-won bank checks increased 13. …