Central Banking

Credit card use doubles in South Korea

SOUTH KOREA - Apparently boosted by a range of government measures encouraging the use of creditor cards, the daily use of credit cards almost doubled in the first half of this year from a year ago, the Bank of Korea said on 5 August.

In a report on the trends of payments and settlements, the central bank said that daily credit card usage came to 722.1 billion won in the first half, up a whopping 93.3 percent from the same period last year. The total of daily cash advances stood at 467 billion