Both Dad and Daughter Favor 'Shinka'... 2030 Mobile Card Usage Increases

30 Percent of Those Aged 60 and Over Prefer Cash
"Need to Expand Mobile Security and Consumer Protection"

It was found that the people of our country prefer credit cards the most among payment methods such as credit cards, check cards, cash, and prepaid recharge funds.

According to the '2024 Payment Methods and Mobile Financial Services Usage Survey Results' published by the Bank of Korea on the 25th, the overall satisfaction based on consumer perceptions of convenience, safety, acceptance, and cost by payment method was surveyed as follows: credit cards (75.5 points), check cards (72.9 points), cash (64.4 points), and prepaid recharge funds (54.5 points).

The most frequently used payment method in daily life was also credit cards. When looking at the usage share by payment method based on the number of transactions, credit cards (46.2%) were used the most, followed by check cards (16.4%), cash (15.9%), and mobile cards (12.9%).

Credit cards were found to be the most frequently used payment method not only for domestic transactions but also for overseas payments. However, cash still remains one of the common payment methods for face-to-face transactions.

Despite the overall preference for credit cards, the preferred payment methods varied by age group: mobile cards were preferred by those in their 20s and 30s, credit cards by those in their 40s and 50s, and cash by those aged 60 and above.

Cho Seong-wook, Deputy Director of the Financial Settlement Bureau at the Bank of Korea, said, "This difference appears to be based on familiarity with digital devices, preference for non-face-to-face transactions, and the scale of economic activity," adding, "Perceptions and willingness to use biometric authentication such as fingerprint and facial recognition for payments also tended to decrease with increasing age."

Mobile financial services were found to be widely used across all age groups. Approximately 90% of people in their 20s to 50s and more than 50% of those aged 60 and above responded that they had used these services within the past month.

Deputy Director Cho emphasized, "In response to the spread of mobile financial services, it is necessary for the government, the Bank of Korea, and the industry to continuously strive to enable the public to use various payment methods conveniently and safely," and added, "It is essential to enhance the financial security system to prevent security incidents such as personal information leaks during the use of non-cash payment services and to strengthen consumer protection in case incidents occur."