Payments in South Korea - (COVID-19) Impact Snapshot
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.
South Korea’s GDP has been revised downward for 2020 due to the economic disruption caused following the outbreak of Coronavirus. There has been a sharp rise in the cancelation of flights, hotel bookings, and major upcoming events.
Furthermore, in an attempt to avoid contraction in the overall economy, the Bank of Korea reduced its benchmark rate on March 16 from 1.25% to 0.75% - a 50-basis-points cut. This move will encourage consumers to take new credit, thereby driving spending.
This report focuses on the impact of the Coronavirus outbreak on both the economyand the cards and payments industry in South Korea. Based on our proprietary datasets, the snapshot provides a detailed comparison between pre-COVID-19 forecasts andrevised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume. It also offers information on measures taken by the government to combat Coronavirus.
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