Korea’s Cards Grew More Than Twice as Fast

About 5.15 trillion won more went through the cards. That is the gap between this year’s tourism-card spending and last year’s, through September.

The cards totaled 15.94 trillion won. That is 47.7 percent more than last year’s 10.79 trillion. Visitors over the same months rose 21.5 percent. Korea’s Ministry of Culture, Sports and Tourism published both figures on Thursday. At about 1,325 won to the dollar, the extra is roughly $3.9 billion.

A shop hearing “up 48 percent” can picture a richer guest. Asia Business Daily, a Korean business paper, reading the ministry release, said online purchases are inside the card total. A website order placed before the flight and a dinner paid by card in Seoul can share the same 15.94 trillion won. The average person’s bill is not a line the ministry published. Cash stays out of it entirely.

The geography has the same problem. More arrivals are using airports outside Seoul. Asia Business Daily said you would need the length of the stay, and the city where the card was used, before calling that a boom in Busan or Jeju.

If you are setting a rate or a rent from these figures, 47.7 percent is how fast the whole card total grew. A room or a lease still needs a person, or a neighborhood, attached to the money.