Korean Consumers Use Credit Card for Over 60% of Purchases
Over 60 percent of all sales transactions in Korea are now paid for by swiping credit cards.
Korea's Credit Finance Association said Sunday that credit cards usage accounted for 63-percent of all purchases in the first quarter this year.
The use of the plastic has grown steadily from just 24 percent of sales in 2000 to surpassing 50 percent in 2009.
Analysts say tax exemptions given for credit card use to curb tax evasion by retailers is an important reason for the rise in credit card usage.
But the number of credit cards owned per consumer dropped slightly to 4.7 cardsthe first decline in five years.
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