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The number of subscribers to Internet banking services reached 12.41 million
at the end of March, up 9.7 percent from 11.31 million at the end of last
year, the Bank of Korea (BOK) said yesterday.

In a report on the nation's Internet banking services, the BOK said that
after reaching a level of 470,000 at the end of March 2000, the number of
Internet banking users had steadily increased to 11.31 million at the end of
last year from 7.43 million at the end of June last year and 4.09 million at
the end of 2000.

Internet banking services, debuting in 1999, are currently being provided by
19 domestic banks, Citibank, Hong Kong and Shanghai Banking Corp. and Post
Office.

The report showed that the number of money transactions through Internet
banking services, such as account inquiries, money transfers and loan
services, totaled 133.05 million at the end of March, up 4.8 percent from
the end of last December.

Of the total, inquiry services took up 80 percent of the total Internet
banking services, with 106.45 million transactions.

In particular, the number of money transfer-related transactions numbered
26.40 million with a trading volume of 181.14 trillion won, accounting for
19.8 percent of the total online transactions compared with 17.3 percent a
quarter ago.

The report also showed that Internet banking services, as a channel of money
transactions, accounted for 10.5 percent of the total financial service
channels, which include window tellers (41.5 percent), automated teller
machine or cash dispensers (35.6 percent) and tele-banking services (12.4
percent), up 1.0 percentage points from the end of last year.

In the meantime, the central bank said that a total of 19 financial
institutions _ 18 domestic banks and the post office _ provided mobile
banking services at the end of 2001. Using the mobile banking service,
customers can get access to banking services through their cellular phones.

Incidents of mobile banking service use was tallied at 842,352 at the end of
March, up 18.6 percent from 710,200 at the end of last year.



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Amra the Freelancer
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