According to the Credit Finance Association of Korea on Wednesday, total card approvals in the first quarter came to 322.1 trillion won, up 7.2% from a year earlier. The number of approved transactions rose 5.1% to 7.2 billion. The growth rate more than doubled from 3.3% in the first quarter of last year, and the transaction-count increase was up 3.9 percentage points from a year earlier.
By card type, both personal and corporate cards increased. Personal card approvals totaled 264.4 trillion won, up 6.8%, while transactions rose 5.3% to 6.82 billion.
Corporate card approvals increased 8.7% to 57.8 trillion won, and transactions rose 1.9% to 380 million.
Strong growth in online commerce continued. Online shopping transactions in January and February rose 8.5% from a year earlier to 46.698 trillion won. Within online shopping, food delivery and travel and transportation services increased 11.0% and 12.8%, respectively.
A recovery in travel and tourism demand also lifted card use. First-quarter air passenger traffic rose 12.6%, and spending by foreign tourists surged 37.1%. The association said higher oil prices in March likely also pushed up card-approved spending on vehicle fuel.
The association said uncertainty has increased and consumer sentiment could weaken due to the Middle East war that broke out in late February. Still, it said improved income and asset conditions stemming from strong domestic corporate earnings, including from expanding global semiconductor demand, along with base effects, helped drive the rise in card approvals.
* This article has been translated by AI.
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