Seoul: The amount of payments made electronically in South Korea reached a record high last year, central bank data showed Thursday, as a growing number of people engaged in contact-free commerce.

According to Yonhap News Agency, the daily average amount of electronic financial transactions came to 959.4 billion won (US$657.4 million) in 2024, marking a 9.6 percent increase from the previous year. This figure represents the highest amount recorded since the central bank began collecting data on electronic payments in 2007.

The data also highlighted a significant rise in the daily average number of electronic financial transactions, which jumped 12.3 percent on-year to 30.7 million in 2024. Electronic financial transactions encompass all internet and mobile-based payments, as well as purchases made with electronic credit and debit cards.