Mobile Banking Grows 200% in South Korea

In 2010, use of mobile phones for financial transactions and mobile banking in South Korea grew 200 percent. A Bank of Korea survey also shows that by September 2010, some 1.4 million people were registered for smartphone mobile banking.

The Financial Supervisory Service reports that in 2008 44 billion U.S. dollars worth of banking transactions were made using mobile phones, while the first nine months of last year $79 billion dollars worth of transactions occurred.

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