Increased debit card uptake in South Korea drives down credit card growth margin
Growth in total credit card transaction value rose a mere 3.9% to $524.8m in 2012, much slower than the 9.5% growth notched in 2011.
The number of credit cards issued in South Korea (See our profile for this country here) declined in 2012 for the first time since 2008, due to the prolonged economic slowdown and tougher government regulations against the overuse of credit cards as part of efforts to control household debt.
Apart from strengthening rules pertaining to loans to cardholders and issuance of new credit cards, Financial Services Commission also revised card-related commission fees, as…
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, Consumer Finance
, Retail Banking
, South Korea