Foreign Card Spending in Korea Hits Record $4.86 Billion in Q2

Card spending in Korea by non-residents, including foreign tourists, reached $4.86 billion in the second quarter of this year, the highest quarterly figure on record. That is up 36.1% from the previous quarter ($3.57 billion) and 28.2% from the same period last year ($3.79 billion), exceeding the previous record by more than $1 billion.

The number of cards used in the quarter also hit a record 25.02 million, up 34.3% from the previous quarter. Analysts attributed the rise to increased inbound travel demand, helped by holiday periods in Japan and China. As visitor numbers grow, Korea's card payment environment for travelers keeps expanding as well.