|
The once-popular W100,000 cashier¡¯s checks are gradually being pushed out by credit cards, the Finance Ministry said Monday.
Ministry official Chung Eun-bo said newer forms of payment like credit cards and e-banking were replacing the use of cashier¡¯s checks worth W100,000.
The ministry said cashier¡¯s checks accounted for W73.7 trillion in transactions last year, down 9.3 percent from the previous year¡¯s W81.3 trillion. Use of the W100,000 checks surged at the start of the Millennium, to W85 trillion in 2000, W89 trillion in 2001 and W90 trillion in 2002. But their use has dwindled since 2003.
Checks accounted for a daily W332 billion in transactions in the third quarter of 2003, or 57 percent compared to credit card transactions, and shrank to less than half, or W274 billion, a year later.
E-banking options like online and phone banking are also on the increase. W712 trillion in transactions were conducted through e-banking in 2001, W2023 trillion in 2002, W2,805 trillion in 2003 and W2,841 trillion in the first 11 months of 2004.
(englishnews@chosun.com )
|
